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FAIR Canada Newsletter
October 2010 |
 Welcome Back, Mr. Wetston
Howard Wetston, Q.C. has been announced as OSC Chair David Wilson's successor. FAIR Canada is optimistic that Mr. Wetston will have an investor-focused agenda that prioritizes issues of importance to investors, including introducing a requirement that registrants act in the best interests of clients. In announcing his nomination, Finance Minister Dwight Duncan stated that Mr. Wetston is passionate about securities regulation, initimating that the government was appointing someone who would lead change and not simply be a caretaker awaiting a national commission. |
 October 6th FPSC Vision 2020 Symposium Ilana Singer and Ellen Roseman moderated two lively expert panel discussions at the October 6th Financial Planning Standards Council (FPSC) Vision 2020 Symposium. Ms. Singer's panel focused on the fiduciary duty debate and the prospect of introducing a stronger, more enforceable duty for financial planners in Canada. Ms. Roseman's panel focused on commission-based compensation, and discussed the move in many other countries to ban or cap certain types of commissions in the financial services industry. The theme of the FPSC's Financial Planning Week was professionalism in the financial planning industry.
Click here for a copy of Ilana Singer's opening remarks at the symposium. |
FAIR Canada comments on MFDA proposal about fee disclosure
FAIR Canada submitted comments supporting the Mutual Fund Dealers Association's proposed new Rule 2.4.4. The proposed rule will require that clients be informed of fees or charges that will be incurred and deducted in connection with mutual fund redemptions.
FAIR Canada agrees that investors deserve fee and charge disclosure before orders are entered, and that this information should be presented as clearly and plainly as possible.
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FAIR Canada comments on IIROC Arbitration Program
While FAIR Canada fully supports IIROC's proposal to increase the arbitration award limit from $100,000 to $500,000, we recommend an even higher award limit in the future. FAIR Canada also recommends that IIROC fund a no- or low-cost service to assist individual investors as they navigate through the arbitration process.
Finally, FAIR Canada suggests that IIROC publish detailed aggregate statistical information about cases that have gone through arbitration, and consider publishing full decisions in the future.
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