FAIR Canada submitted its comment letter to the Task Force on Financial Literacy today, outlining a detailed, seven-point Action Plan. FAIR Canada believes that the Action Plan will allow the Financial Literacy Strategy to make a real, lasting impact on the financial well-being of all Canadians…
Top News
Goldman Sachs Charges and the Fiduciary Standard
On April 16, 2010, the U.S. Securities and Exchange Commission filed a complaint against Goldman Sachs, alleging that Goldman had misled investors by selling toxic vehicles that Goldman devised and sold at the instigation of a hedge fund which proposed to sell short the investment. Goldman’s position on the charges is that it does not owe a fiduciary duty to its clients. This is consistent with Goldman CEO…
Legislative Report Highlights “Public Interest” Mandate of OSC
Committee calls for reassessment of the role of OSC in investor protection – The Ontario Legislative Assembly’s Standing Committee on Government Agencies (the “Committee”) released a 37-page report (the “Report”) on the Ontario Securities Commission, based on its review of the OSC in late 2008 and early 2009. The Report provides an insightful analysis into the role of the securities commission …
Putting Clients’ Best Interests First
On March 25, FAIR Canada and the Hennick Centre for Business and Law hosted the first Canadian conference focused on the fiduciary standard in the context of the financial advisor-client relationship. At the conference, the question of whether investment advisors should be required to put their clients’ best interests first was considered in the context of the US proposal to implement a uniform fiduciary standard for all advisors and broker-dealers.
FAIR Canada Seeks Professionals to Join Team
The Foundation has an immediate opening for a lawyer, accountant or other investment/financial professional and a professional with a background in law or policy…
FAIR Canada Issues Report on Money Market Funds: Canadians Losing Out on $300 – $500 Million
FAIR Canada today issued a 21-page report today entitled “Canadian Money Market Funds – Zero Returns” (the Report). Most Money Market Funds (MMFs) not making money. The Report found that Canadians hold $56 billion in money market funds earning almost nothing.
March is Fraud Prevention Month
For the Spring 2010 edition of FADOQ’s quarterly magazine “Virage”, FAIR Canada contributed an article describing warning signs and tips for investors on how to avoid investment scams. Read “Be a well informed investor.”
In Its March 2010 Edition
Protégez-Vous journalist Frédéric Perron asked FAIR Canada to review the monthly statements of 10 different financial institutions to gauge the quality, quantity and usefulness of information provided to mutual fund and segregated fund investors. Information considered most useful included: (a) amount invested at outset, (b) performance of investment compared with a specified benchmark, (c) cost [...]
CCGG Makes Submission to Standing Committee reviewing the CBCA
The Canadian Coalition for Good Governance (CCGG) made a submission to the Standing Committee on Industry, Science and Technology regarding the Committee’s five-year review of the Canada Business Corporations Act (CBCA). The submission follows the CCGG’s appearance before the Committee in November 2009. According to the CCGG’s brief, governance requirements for public companies in Canada have not kept pace [...]
FAIR Canada and The Hennick Centre for Business and Law Hold Joint One-Day Conference in Toronto – March 25, 2010
The Fiduciary Standard and Beyond:
Rethinking the Financial Advisor-Client Relationship
Thursday, March 25, 2010 – 8:00 am to 4:30 pm | OBA Conference Centre, Toronto
Task Force on Financial Literacy releases Consultation Document
The Canadian Task Force on Financial Literacy has released a 47-page consultation document describing the issues and asking the public to respond to specific questions. Topics include understanding financial behavior, saving and investing, planning for retirement, and protecting against financial fraud. A recent article in Investment Executive describes the national consultation process. The state of [...]
OSC Announces Creation of Investor Advisory Panel
FAIR Canada welcomes today’s announcement by the Ontario Securities Commission (the OSC) of its decision to create an Investor Advisory Panel (the Panel), particularly the details regarding the panel’s make-up, as well as the expected timeline for its creation.
Investment Executive Reports on FAIR Canada’s Ongoing Research
On February 19, 2010, Investment Executive reported on FAIR Canada’s ongoing research in the area of financial scandals. The research is currently being finalized, and FAIR Canada staff expect to publish their findings in March.
FAIR Canada recently submitted its comments on the OSC’s Statement of Priorities for the fiscal year ending March 31, 2011
FAIR Canada recently submitted its comments in response to the request for comment on the Ontario Securities Commission’s Statement of Priorities for the fiscal year ending March 31, 2011.
FAIR Canada supports the OSC’s initiative to request comments on its Statement of Priorities at an earlier point in the process so that comments from market participants can be better integrated into the Commission’s planning and budgeting process. Addressing the lack of a strong investor voice in securities regulation was one of the key reasons for the founding of FAIR Canada.
FAIR Canada announces new Director from Alberta
FAIR Canada is pleased to announce the appointment of Tania Willumsen to the FAIR Canada Board of Directors.
Ms. Willumsen has over forty years of experience as a senior executive in the areas of institutional investment management and pensions. A past Director with the Institute of Corporate Directors, she has been a frequent speaker on pension and corporate governance issues for the Association of Canadian Pension Fund Management, the Canadian Pension and Benefits Institute, The Canadian Institute, and the International Foundation of Employee Benefit Plans.
2009 CSA Enforcement Report released
The Canadian Securities Administrators (the CSA) released their 2009 Enforcement Report yesterday. The report describes enforcement activities across the CSA, including statistical data and case summaries.
First Investor Roundtable Hosted and Moderated by the Transition Office and FAIR Canada
On January 22, 2010, the Canadian Securities Transition Office (the CSTO) hosted its first investor roundtable. The roundtable was attended by 15 investor representatives and moderated by FAIR Canada Executive Director Ermanno Pascutto. The focus of the discussion was on the recommendation in the Expert Panel Report (also known as the “Hockin” Report) to create [...]
FAIR Canada Supports Call for a National Pension Summit
The recent financial crisis, record-low interest rates, the aging population, and the plight of bankrupt or under-funded pension plans have made the health of Canada’s pension/retirement system one of the critical issues of our time. Are Canadians saving enough for their retirement? Are they investing those savings wisely? How does Canada compare to other countries [...]
FAIR Canada’s expertise sought on FADOQ’s anti-abuse and fraud project
Associate Director Ilana Singer will sit on FADOQ’s provincial advisory committee, in connection with its anti-abuse and fraud initiative. The project, which is being supported by a “New Horizons” grant from the federal government, will aim to develop a multidisciplinary, bilingual toolkit for the prevention of abuse and fraud targeted to the elderly in Quebec.
FAIR Canada provides IIROC with comments regarding Know Your Client and Suitability Guidelines
FAIR Canada recently provided comments in response to IIROC’s request for comments on the proposed know your client (KYC) and suitability guidance notice (09-0293) issued on October 2, 2009.
FAIR Canada supports IIROC’s initiative to provide more guidance on the KYC and suitability obligations of investment dealers. The suitability of investments is traditionally the largest source of client complaints filed with dealers, and suitability obligations are more important than ever with the increasing number and complexity of investment products available. We believe that many dealers would welcome more detailed guidance on how the regulators will administer and interpret the rules. However, the need for guidance applies to investors as well as dealers. Most retail clients do not understand the suitability obligation, or their rights and responsibilities under it.







