David Newman, Advocate for the Creation of Tax-Free Savings Accounts and Increases in Canada Deposit Insurance Corporation Guarantees, wins 2024 Alexander S. Melvin Award
TORONTO, October 22, 2024 – David Newman, principal director of Fiscal Agents Savings and Investments, celebrating 45 years as a deposit broker in Oakville, Ontario, has been selected as the 2024 winner of the Alexander S. Melvin award for ethical and inspirational leadership in financial services.
Newman has been at the forefront of industry-changing initiatives including the establishment of tax-free savings accounts used by 18 million Canadians and raising Canada Deposit Insurance Corporation (CDIC) guarantees from $60,000 to $100,000. His commitment to consumers is reflected in Fiscal Agents’ provision of data to help Canadians access guaranteed investment contracts with the highest interest rates and his past leadership of the Registered Deposit Brokers Association (RDBA), which sets professional standards and provides consumer education around GICs.
“David’s advocacy for Canadian consumers has helped shaped the entire deposit industry,” said Dennis Craig, vice president managing agents and national accounts, a member of the Alex S. Melvin Awards Nomination Committee. “David was instrumental in seeing the CDIC deposit guarantee limit raised to $100,000, and in the introduction of the Tax-Free Savings Account. As president and a member of the Board of the Registered Deposit Broker Association (RDBA), David was a driving force behind the establishment of a professional standards and accreditation regime to support member Financial Institution regulatory requirements.”
Like Alex Melvin, who co-founded CANNEX, Newman is a model of inspirational and ethical leadership for a generation of financial services leaders in Canada. He has also worked tirelessly during his career to increase transparency around products and pricing for Canadians.
“As CANNEX celebrates its 40th anniversary it is fitting that we recognize David Newman’s contributions to the financial services and term deposit industries through this award,” said Lowell Aronoff, co-founder and CEO of CANNEX Financial Exchanges. “If he were with us today, Alex would have been among the first to applaud David’s leadership and the difference he has made to millions of Canadians.”
The Alexander S. Melvin award will be presented to Newman at the CANNEX Term Deposit Conference on October 29. The award, which is underwritten by CANNEX, includes a contribution of $5,000 to a charity of the winners’ choice. Newman has selected Kids Help Phone to receive the donation in his name.
Past recipients of the award have included Dennis Craig, vice president, managing general agent of national account relationships at RBC Insurance; Gord Mooney, president emeritus of General Bank of Canada; and Terri Botosan, chief executive officer of HUB Financial Inc.
About the Alexander S. Melvin Leadership Award
Since 2016, the Alexander S. Melvin Leadership Award has recognized individuals in the Canadian financial services industry who, through their inspirational and ethical leadership, have changed the industry for the better. Named after industry leader Alex Melvin, who passed away in 2015, the award is given to outstanding professionals who embody his inspirational and ethical leadership and who demonstrate a collaborative spirit and willingness to help others succeed. For more information visit the Alexander S. Melvin Leadership Award website.
About CANNEX
CANNEX Financial Exchanges Ltd. supports the exchange of pricing and data for annuities and bank products including term deposits and guaranteed interest contracts (GICs). The firm’s data gives financial institutions the ability to evaluate and compare various guarantees associated with savings and retirement products. For more information about CANNEX, visit www.cannex.com.