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FAIR Canada Newsletter
February 2013
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Statutory Best Interest Standard Highly Desirable and Feasible
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FAIR Canada has submitted its comments to the CSA stating that it is highly desirable and feasible to introduce a statutory best interest standard for dealers and advisers when advice is provided to retail clients. FAIR Canada strongly believes that dealers and advisers should be required to act in their client's best interest and that a statutory best interest duty is needed in order to protect investors.
In the comments, FAIR Canada points out the key benefits of a best interest standard, thereby demonstrating why it is desirable and feasible.
Benefits of a Best Interest Standard
- The introduction of a statutory best interest standard for dealers and advisers would result in:
- increased protection for consumers;
- better financial outcomes for consumers;
- more effective competition;
- an increase in the level of professionalism in the financial services industry; and
- an increase in the level of trust in the financial services market.
Please click here to read the rest of the story.
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FAIR Canada supports BC's Revocation of the Northwest Exemption Order
FAIR Canada has provided comments that fully support the British Columbia Securities Commission's (BCSC) proposal to revoke the Northwestern Exemption. The Northwestern Exemption allows unregistered individuals to sell high-risk exempt market products to the investing public, including vulnerable groups such as seniors.
Please click here to read the rest of the story.
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FAIR Canada Supports CSA's Proposal to Require All Registered Dealers and Advisers to Use OBSI
FAIR Canada supports the CSA's Proposed Amendments to National Instrument 31-103 which will require all registered dealers and advisers outside of Quebec to utilize the Ombudsman for Banking Services and Investments (OBSI) as their external dispute resolution provider. FAIR Canada believes that a single, national ombudservice for investment complaints is vital to the integrity of the Canadian financial services market. Please click here to read the rest of the story.
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Profile of Ermanno Pascutto
Investment Executive profiles FAIR Canada's Executive Director, Ermanno Pascutto, in a feature story "Defending the Retail Investor" in the February issue which notes FAIR Canada's contribution to the higher profile given to investor rights issues in Canada. Ermanno notes that receptive regulators are the key to any success the organization has had. The article also discusses several of FAIR Canada's important investor-focused initiatives currently underway.
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