FAIR Canada has received funding from the Ontario Securities Commission (the OSC) and the Investment Industry Regulatory Organization of Canada (IIROC). The OSC has committed to funding FAIR Canada in the amount of $500,000 per year for a two-year period. IIROC will be contributing $350,000 per year over two years. The funds come from money collected by the regulators from monetary sanctions and settlements.
“On behalf of staff and the Board of Directors of FAIR Canada, I want to express my appreciation and gratitude to the OSC and IIROC for making use of their enforcement/restricted funds to finance our work representing the interests of investors and consumers of financial services,” said Ermanno Pascutto, Executive Director of FAIR Canada. “There is very little funding available for consumer groups in Canada and the use of these funds for this purpose will benefit both the investing public and the Canadian financial markets.”