FAIR Canada
FAIR Canada Newsletter
July 2010
Recent Mutual Fund Point of Sale Proposal Falls Short 
FAIR Canada applauds the Canadian Securities Administrators (CSA) for continuing to move forward on this long-delayed and important initiative, and is pleased that the existing two-day withdrawal right for investors has been retained as we recommended. However, FAIR Canada continues to be of the view that there are several serious deficiencies in the Point of Sale proposal that undermine the goal of protecting consumers who purchase mutual funds.
Major concerns about the multi-billion dollar scholarship plan industry were identified in an August 2008 report published by Human Resources and Social Development Canada (HRSDC), including the risk that scholarship plan sales representatives, in order to generate more fees, may try to make people commit to contributions they cannot maintain in the long run.

In response to a number of the points made in the HRSDC Report, the Canadian Securities Administrators (the CSA) published a request for comments in March 2010 describing its plan to modernize the regulation of scholarship plans, including through the introduction of a three-page, plain language "Plan Summary" document. Although FAIR Canada applauds the CSA for undertaking this initiative, FAIR Canada made a number of substantive comments regarding the CSA project, including a recommendation to require all scholarship plan advisors to put their clients' best interests first.
JarislowskyFAIR Canada Director Honoured at UNA-Canada Gala Dinner
Surrounded by his family, friends and colleagues, the United Nations Association of Canada honoured the achievements of a remarkable entrepreneur and outstanding Canadian citizen - Mr. Stephen Jarislowsky - on Thursday, June 24, 2010 at the Liberty Grand in Toronto.  
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