SIPA renews its call for Public Inquiry into the FCAC

The Small Investor Protection Association (SIPA) put out a news release on April 29, 2019 renewing their call for a Public Commission of Inquiry into the Financial Consumer Agency of Canada (FCAC) and for the government to establish an independent National Investor Protection Authority with the mandate of protecting the Canadian public.

SIPA relies on the CBC news report about the FCAC, the Finance Department, and banks. The President of SIPA, Stan Buell, calls for there to be an investigation into mutual funds fees and how the government has taken a rather lax approach to regulation.

SIPA calls on the government to revise statutes to ensure that firms and individuals offering financial advice are held to the standard of fiduciary and to ensure that those who oversee the industry conduct are impartial. They also call for victims to be paid restitution.

Clients’ interests should be a priority for financial institutions due to the ongoing nature of the relationship in that a client usually has multiple accounts with a financial institution for a lengthy period of time. The relationship between a client and financial institution is not usually a one-time transaction. Being a client of a financial institution leads to an expectation that there is an obligation to consider your best interests when providing investment advice. SIPA is calling for there to be legal weight behind this relationship of trust and dependence.

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