Bring on ‘best interest’ standard for the investment advice sector

, Investment

The panel wanted the OSC to “prohibit the payment of embedded trailer commissions,” to harmonize regulation

Get on with it. The problems with the current model are well known and become more obvious every day. A new model has already been implemented in other parts of the world. There’s been enough consultation. Now it’s time for action.

That is a summary of the report issued this week by the OSC’s Investor Advisory Panel, a seven-person group. “Regulators are now well aware of the changes that must be made to protect investors and foster an industry that puts investors’ needs first and foremost. This means,” the report said, “introducing a best interest standard, eliminating conflicted compensation and making access to restitution and dispute resolution a reality for Ontario investors.”

Specifically, the panel wanted the OSC to “prohibit the payment of embedded trailer commissions,” to harmonize regulation so that the “same rules [apply] for comparable services and products,” and to be aware that “in many cases, know your client [KYC] process is not being followed.”

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One Comments

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