Many Canadians don't know the warning signs of fraud, and even highly intelligent people are taken in by false promises and seemingly trustworthy swindlers. There may be no foolproof way to avoid investment fraud, but Canadians can better protect themselves by verifying registration, learning some of the major signs of investment fraud, and following some simple rules.
Improvements to the regulatory system are urgently needed to fight fraud more effectively. FAIR Canada urges governments, regulators and other stakeholders to work together on combating investment fraud through implementation of the recommendations in FAIR Canada'sA Canadian Strategy to Combat Investment Fraud.
Reforms are needed to improve OBSI's effectiveness
In order to meet international standards for dispute resolution and ensure our system lives up to Canada's G20 obligations, reforms that tackle governance, structural and operational issues are necessary. Most critically, steps should be taken to have a single, national, statutory ombudservice in Canada with the power to make binding decisions and OBSI's governance must include adequate consumer/investor representation. FAIR Canada believes this is vital to the integrity of the Canadian financial services market and the protection of Canadian consumers. Read FAIR Canada's full comments here.
The CSA requested that Professor Cumming and his team publish a list of the questions they received along with their responses so that all stakeholders could benefit from the information. The FAQ is available here. To continue reading, click here.
Editorials
Science-denying tactics will do the mutual fund industry no good
As regulators enter the final stage of deciding the fate of trailing commissions, they rightly insist on real evidence-based analysis. Read full article here.