The Canadian Foundation for the Advancement of Investor Rights (FAIR Canada) is pleased that regulators are considering a statutory best interest standard, but it believes Canada needs a national ombudservice with teeth. In its recent submission on the Ontario Securities Commission‘s (OSC) statement of priorities for 2016-2017, FAIR Canada argues that current industry practices do not do enough to protect financial services clients. The investor rights organisation is calling for “robust oversight and strong enforcement” and says compensation for investors who lose money when securities laws have been violated should be a “top priority”.
by Andrew Rickard
Read the full article at The Insurance and Investment Journal.