FAIR Canada’s Accountability Report: 2014-2017 : A Watershed Moment
FAIR Canada has released its latest Accountability Report, reporting on FAIR Canada’s activities during its fiscal years 2014 to 2017.
FAIR Canada’s mission is to be a catalyst for enhancing the rights of Canadian shareholders and individual investors, including being a national voice for investors in securities regulation.
The Accountability Report reflects the work FAIR Canada has put into achieving its mission. Over the course of the past three fiscal years, FAIR Canada has had over 200 mentions in the written press, appeared in over 15 TV broadcasts, produced over 70 submissions to regulators and government and hosted 3 conferences.
FAIR Canada’s top achievements during this time include:
- Co-founding an Investor Protection Clinic and Living Lab in partnership with Osgoode Hall Law School*;
- Conducting research and holding consultations in order to address vulnerable investors who may be subject to elder financial abuse, financial exploitation, or undue influence or have diminished mental capacity – in partnership with the Canadian Centre for Elder Law*;
- Raising concerns about whether the proposed Cooperative Capital Markets Regulator will offer better protection for investors and making positive recommendations for improvement;
- Issuing a FAIR Canada report “A Canadian Strategy to Combat Investment Fraud” and making recommendations to address the problem, including the need for a formal strategy or framework to protect Canadians against investment fraud, the need for a rewards-based whistleblower program, and the need for one, comprehensive, national registration check system; and
- Acting as a leader in calling for: i) the financial industry to be held to a statutory best interest standard towards Canadians and in articulating what is meant by a best interest standard; ii) the removal of embedded commissions or trailing commissions from mutual funds and other investment products; and iii) regulators to prohibit other misaligned incentives that can harm financial consumers and prevent the provision of professional, objective advice.
“I am proud of the work FAIR Canada staff has done on behalf of Canadian financial consumers over our past three fiscal years. Individual Canadians benefit from having a professional voice that can represent their interests and be at the table during the policy-making process”, said FAIR Canada Chair Ermanno Pascutto. “FAIR Canada could not carry on this important work without the support of our enlightened donors.”
To read FAIR Canada’s full Accountability Report: 2014-2017, please click here.
*with funding from The Law Foundation of Ontario Access to Justice Fund