November 24, 2022

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An excellent commentary by FAIR Canada on a consumer protection initiative by the Financial Services Regulatory Authority of Ontario. In an attempt to raise the standards for financial advisors and planners, it actually lowered them.

Why did FSRA allow industry organizations to enforce the rules instead of ensuring compliance by taking on a supervisory role?

It seems like a misstep by a new regulator that arose from the ashes of a weak predecessor, the Financial Services Commission of Ontario (FSCO).

As a longtime board member of FAIR, I’m proud to see its leadership advocate successfully for changes before enacting the new rules.

New legislation in Ontario for who can use the title of “financial planner” or “financial advisor” fell far short of its original goal to protect consumers and raise industry standards. The Financial Services Regulatory Authority of Ontario (FSRA) appears open to try to improve the situation for Ontarians. In its most recent draft Statement of Priorities, FSRA commits to working with the Ministry of Finance (Ontario) and other stakeholders to enhance its approach and achieve the expected consumer protection outcomes. As an investor advocate, FAIR Canada thinks these are necessary steps in the right direction to help deliver fairer outcomes for Ontario’s financial consumers. Read our recent commentary:
https://lnkd.in/gkcNQwH7
 
#investors #InvestorRights #FinancialAdvisor #InvestmentFees
 

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