In a recent Investment Executive (IE) editorial, IE staff notes that financial firms must remain at the forefront of efforts to repair the financial industry’s image and rebuild clients’ trust. The piece goes on to say that this is a challenge demanding fundamental cultural change, as well as regulatory reform sufficient to drive such a transformation. FAIR Canada agrees that significant changes are needed and that, to prosper, the financial industry must evolve. Some of those changes may include introducing a statutory “best interest of the client” standard, enhancing investor compensation mechanisms, strengthening enforcement, providing investors with a comprehensive tool to verify registration and SRO membership, and rethinking current commission models.
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