OSC’s Investor Advisory Panel Releases Annual Report

TORONTO – The Investor Advisory Panel has submitted its Annual Report 2013-14 to the Ontario Securities Commission (OSC). The Report summarizes the Panel’s current activities and priorities as well as its recommendations to the Commission on proposals of importance for investor protection.

Throughout the past year, in its submissions to the Commission, in its public comments and in discussions with Commission staff, the Panel has focused on fundamental flaws in Canada’s investor protection regime which, although well-known and clearly identified, remain unaddressed. They include inadequate and outdated regulatory standards for the provision of advice, particularly with regard to conflict resolution, client risk assessment and reliance on the regulatory tools of disclosure and investor education, and the continuing failure to ensure access to fair, independent complaint handling and binding compensation.

“We remain concerned that measures which could significantly improve investor protection continue to languish, subject to additional review and study, absent any specific commitments to action”, said IAP Chair Connie Craddock.

The Panel has worked hard this year responding to a very ambitious agenda of investor related proposals and initiatives.   The panel will continue its focus on issues of primary importance to investors including the introduction of a best interest duty, title and proficiency reforms; compliance, enforcement, complaint handling and restitution for investors. The Panel also anticipates additional work following its successful Seniors' Roundtable and its new research project on risk assessment processes in Canada and internationally.

The panel is comprised of 9 members appointed by the Chair of the Commission following a public application process and on the advice of a selection committee of three Commissioners. The Panel provides regular reporting through our Investor Advisory Panel website, published reports, submissions and letters to the Commission and its Annual Report.
 

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