An expert panel is proposing sweeping changes that would boost consumer protection for borrowers, investors and retirees in Ontario amid rapid changes in the financial services industry. The key recommendation is the creation of a super agency that would be more powerful, more flexible and more accountable than the three existing agencies responsible for regulating auto insurance, pension plans, mortgage brokers, loan and trust companies and credit unions.
Compensation fund for victims of fraud
The panel is also calling for the creation of an “Office of the Consumer” and a compensation fund for investors who are victims of fraud. Currently, Quebec is the only province that compensates victims of investment fraud.
Read the full article at The Toronto Star.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.