Education & Regulation

Emergency Preparedness in Financial Matters

This qualitative study looks at potential consumer reactions to the failure of three different kinds of financial institutions.  It identifies a range of public expectations in the aftermath of a financial failure, as well as assessing public perceptions of potential failure for different kinds of financial institutions.

Assessing Eligibility for Licensure

An Act creating the possibility of broader public accounting licensure rights also stipulated that the standards for granting licensure rights should be no less rigorous than those already used.  After consultation plus literature and document review, we created a process that made it possible for accounting bodies to demonstrate the rigour of their standards compared to a benchmark. The test of substantial equivalence in our process focuses primarily on education, experience and examinations, as well as competencies developed.  Preparation programs are judged on coverage of competencies, internal consistency, external rigor and compliance with professional standards.

Building the Financial Literacy Guide

The Fund is implementing the Learning Guide produced as a result of Brondesbury Group research to develop a financial literacy framework for adult consumers of financial services and products (excluding borrowing). Over the past 3 years, we worked with the Fund providing advice on content, selection of suppliers and other developmental issues. Click here to see work under development.

Strategy for a Financial Protection Agency

The aim was to identify a strategy for increasing general awareness of a financial industry protection fund and specific awareness of its coverage. This included identification of target groups based on several criteria that indicate a "need to know" about the fund and its coverage.

Mortgage Broker Roles & Responsibilities

This research identifies the knowledge and skills required to proficiently manage a mortgage brokerage firm, particularly after preparation as a mortgage originator. The report looks at education, experience, ethics and examination as elements of preparation.

Standards of Exam Administration

This study identifies 118 generally accepted standards for administration of licensure exams in financial services, as well as identifying 103 practices that exceed generally accepted standards. The guiding principle for the standards is “due and reasonable care” which entails anticipating likely processes and problems, creating written standards to guide process and monitoring compliance. The standards themselves blend a review of documents, research studies, industrial psychology principles, site visits and interviews with organizations involved in credentialing in financial services.  Link to report.

Communication Strategy

Worked with a federal government entity in financial services, developing a 3-year strategy for communicating their mission to the public. The strategy began with the identification of target groups based on group size, analysis of awareness patterns, literacy levels, financial need and risk of financial losses. An analysis of daily activities and media usage habits was used to identify methods of reaching the target groups. The work is now moving into development of targeted messages and delivery strategies.

Life Licensure Review Completed

The Brondesbury Group completed its detailed review of the Life Licensure Qualifying Program examination, including content review by subject matter experts and a statistical review of test performance. The review, which includes recommendations for improving the exam and its administration, is posted on the website of the Canadian Council of Insurance Regulators. This challenging assignment joins industry and educational expertise to review examination results and use them to improve the test and its impact in the future.

Listed Companies Say More Disclosure Will Help Them

Institutional investors, pension funds and listed companies themselves applauded the introduction of new rules to improve uniformity of disclosure requirements for publicly-traded companies. Institutional investors in our recent study (commissioned by the TSX) indicated that changes in disclosure will encourage them to invest more in smaller issuers, notwithstanding the limitations of small cap investing by large investors. Both listed companies and institutional investors believe that new disclosure rules will improve public perceptions of transparency and consistency in their market, while improving issuer access to capital.

Financial Literacy Program Gets into Gear

After a year of in-depth research with consumers and advisors, we completed an Event-based Learning Guide for the Investor Education Fund -- an affiliate of the Ontario Securities Commission. The Learning Guide follows the decision-making path of consumers from a triggering event through the initial tough decisions to taking action. At each step of the way, we have recorded the questions that consumers want answered in their own words. These have been formed into 94 learning modules, each with its own objective. The Investor Education Fund is now translating this work into learning packages for their website. Keep on eye on www.investored.ca next year to see how the initiative develops.

Mortgage Brokers "Raise the Bar"

Opinion leaders from mortgage brokerage firms, educators and regulators support an accreditation program for mortgage brokers. The four E’s of professional preparation are increasingly important for mortgage brokers too: Education, Experience, Exams and Ethics. With over 20% of households using brokers for their new mortgage, this trend is right in line with current regulatory focus on consumer protection. Link to the Accredited Mortgage Professional (AMP) Designation.


Selected Studies:

- Education
- Regulation