The U.S. based Institute for the Fiduciary Standard recently announced ‘Fiduciary September’, an initiative with events occurring throughout September, which aims to add fiduciary duty to policymakers’ agenda. The initiative seeks to encourage policymakers and industry participants to apply and uphold the fiduciary standard for investment advice.
The cornerstone of Fiduciary September is the ‘Fiduciary Declaration’, a statement signed by twelve leaders in the financial services industry, including John Bogle, Arthur Levitt and Paul Volcker, that urges Congress, the Securities and Exchange Commission (the SEC) and the Department of Labour to heighten and extend protections to investors who receive investment advice. The Fiduciary Declaration will be unveiled and discussed with SEC Chairman Mary Schapiro on September 11. See the following New York Observer article about this bold initiative.
FAIR Canada has long advocated for a fiduciary or best interest standard in Canada for financial client-advisor relationships. FAIR Canada commends the Institute for the Fiduciary Standard for the Fiduciary September and Fiduciary Declaration initiatives. FAIR Canada continues to urge policymakers and regulators in Canada to move forward with the imposition of such a duty to protect Canadian investors.