FAIR Canada issues statement on OSC’s Draft 2018-19 Statement of Priorities
Frank Allen, Executive Director of FAIR Canada said, “FAIR Canada welcomes the continuing strong commitment of the OSC to investor protection reflected in its draft 2018-19 Statement of Priorities, especially the OSC’s stated intention to publish rule proposals for regulatory provisions to create a best interest standard. Closely related to a regulatory best interest standard is the important policy matter of eliminating embedded commissions. We believe it is now time for a regulatory decision rather than further policy recommendations and policy provisions and analysis of potential impacts as contemplated by the OSC’s Statement of Priorities.”
Marian Passmore, Director of Policy and COO commented, “We look forward to working with the OSC to implement their Seniors Strategy, and in particular, the development of an appropriate regulatory framework to address elder financial abuse and undue influence as well as decline in mental cognition, that balances the property rights and right of self-determination of older investors with the authority to combat financial exploitation and mental cognitive decline. FAIR Canada and CCEL conducted extensive research and issued a Vulnerable Investors Report which made 6 key recommendations that received widespread support.”
“We are encouraged that the OSC will give prominent focus to securing the ability of the Ombudsman for Banking Services and Investments to make decisions that are binding on its members so that there exists effective investor redress as a necessary part of the capital markets framework”, added Mr. Allen.