Enhancing the professionalism of financial advisors in the best interests of the consumer

Best Practices Committee

Chair

David Lawley, CFP, CLU, CH.F.C.

Members

Brian McArthur, CFP, CLU, CH.F.C.
Caroline Radics, CLU, CHS
Heather Copland, CHS
Jonathan Schjott, CFP, CLU, CHS
Kathryn Bennett, LL.B, TEP
Kris Kubin
Mona Grace
Sarah Smith, CFP
William Britton, CFP

TERMS OF REFERENCE FOR THE TFAAC BEST PRACTICES COMMITTEE

Mandate

The purpose and operations of the TFAAC Best Practices Committee are subject to the TFAAC Board policy “Statement of Committee Governance”.  The Committee shall:

  • Position the Best Practices Manual as a valuable practice tool embraced by advisors
  • Position the Best Practices Manual so that it is endorsed by all provincial regulators as the definitive guide for individual and group insurance, investment and financial planning standards, practices and guidelines
  • Provide practice guidelines to attain regulatory principles established through regulators and legislation

Responsibilities

  • To carry out its mandate in the interests of the TFAAC Board of Directors
  • To review, annually, the Terms of Reference and forward any changes to the Governance Committee for approval
  • Develop a process to identify, create and review new content for the Manual
  • Provide guidance on the development of new content areas for the BPM for consideration and approval by the TFAAC Board
  • Provide input on the development of and approve content outlines
  • Provide feedback on new/updated content and approve final content / changes before inclusion in the BPM
  • As required, members may be invited to participate on task-forces convened by the Staff Liaison for the specific review of certain aspects of the BPM content

Composition

  • The Best Practices Committee will be composed of:
    • members in good standing representing membership diversity with respect to practice discipline, geographic location and distribution model (minimum 4)
    • representatives of current corporate partner relationships (2)
    • a CFP in good standing per FPSC (1)
  • Appointments shall be by the TFAAC Board of Directors
  • Chair to be appointed by the TFAAC Board of Directors
  • Staff Liaison shall be the President/CEO or his/her designate

Term of Membership

  • One year term (June to June) with no limit on extensions

Quorum

  • Majority - Fifty (50) per cent plus one of the total Best Practices Committee membership, present in person or by phone.

Process

  • By consensus where possible.
  • Any question shall be referred to Robert’s Rules of Order.
  • Chair to receive information, agenda and minutes first for approval.
  • Agenda and meeting material to be distributed at least 3 working days in advance.
  • Chair shall NOT have a vote.
  • Any tie will give the Chair a casting vote.
  • Committee business to be confidential to the Committee until it is agreed to communicate this business beyond the Committee  

Meetings

  • As the Best Practices Committee determines in accordance with the attached Annual Planning Calendar
  • A minimum of two (2) meetings per year, either in person or by teleconference.
  • If absent for of three (3) consecutive meetings, member’s commitment is to be reviewed.

Amendment to Terms of Reference

  • Only with approval of the Governance Committee.