Canada needs to prevent dishonest securities registrants from continuing to sell investments or advise the public. Given the fragmented system of financial services industry regulation in Canada, registrants who are disciplined for misconduct are all too often able to avoid proper sanctioning and evade bars to selling investments. Time and again, former registrants simply move platforms to sell in the exempt market (where individuals and firms are not required to register in certain western provinces) or, for example, sell insurance despite having been found to have been dishonest or otherwise not of sufficient integrity to deal with investors.

Disciplined Advisors Continue to Sell Investments

The press has reported on many cases where dishonest, former registrants continue to be in a position of trust with the public despite the fact they have been prohibited from selling any securities for a given period of time or have been barred from the securities industry.

Read more about how financial advisors ignore SRO fines...

Restoring investor confidence interview on BNN  

On August 24, FAIR Canada's Executive Director, Ermanno Pascutto, appeared on BNN's Headline with Howard Green to discuss retail investor trust and confidence in the financial industry. He stresses how important it has become for Canadian regulators to impose a duty on those who provide financial advice to act in their clients' best interests. Mr. Pascutto points to a misalignment of investor expectations and advisors' actual duties under the current rules and suggests that the best solution would be to impose a best interests requirement.

Please click here for Part 1, Part 2, and Part 3.

FAIR Canada Appointed as Investor Representative to OSC's Investment Funds Product Advisory Committee

One of FAIR Canada's strategic priorities is to advocate for increased prioritization of investor protection and greater representation of the retail investor perspective in securities regulation. We are pleased to announce that the OSC has appointed Marian Passmore, FAIR Canada's Associate Director, to its Investment Funds Product Advisory Committee.

Click here for the press release.