On December 15, 2010, the Ombudsman for Banking Services and Investments (OBSI) announced the establishment of a 10 person consumer and investor advisory council including the Executive Director of FAIR Canada.
For years, there has been an absence of retail investor involvement in securities regulation. From the outset, one of FAIR Canada’s priorities has been to address this gap. If regulators are committed to investor protection they must understand the challenges facing retail investors.
We have recommended adding a retail investor perspective to the board of the regulator, and the establishment of an investor advisory committee. The objective is to infuse regulators with a better understanding of the retail investor perspective and to provide investors with a voice in the policy making process.
The OSC moved on the latter point earlier this year with the establishment of its Investor Advisory Panel. We are pleased to see OBSI taking a similar step.
Hopefully, other provincial regulators as well as IIROC and the MFDA will take note.
