In its submission to the Ontario Securities Commission on its draft 2011-2012 Statement of Priorities, FAIR Canada urges the OSC to make its Statement of Priorities more concrete and measurable. FAIR Canada makes several specific suggestions, including a review of gaps in compensation coverage; fostering fee competition in the mutual fund industry; implementing a requirement for market intermediaries to act in the best interests of their clients; and an OSC response to the recommendations made in the Standing Committee on Government Agencies’ March 2010 Report on its review of the OSC.

FAIR Canada also encourages the OSC to improve disclosure to retail clients, better communicate with investors, appoint a Commissioner with a strong retail investor perspective and consider an annual account of stewardship via a legislative committee.

The draft Statement of Priorities issued for comment provided general, aspirational statements rather than specific, concrete goals which do not allow the public or Minister to assess how the OSC is addressing its stated priorities.  FAIR Canada urges the OSC to revise its draft Statement of Priorities to makes its commitments specific, concrete, and measurable in order to improve its accountability.

The OSC’s Investor Advisory Panel also provided a submission on the proposed Statement of Priorities, which includes a report of results from focus groups with retail investors on investor rights and protection.