FAIR Canada Welcomes Ontario Government Proposals Aimed at Better Protecting Investors

TORONTO, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Yesterday, the Government of Ontario released its Fall Economic Statement announcing several proposals to modernize Ontario's capital markets and collaborate on improving financial services in Canada.

"We specifically welcome the proposed enhancements to improve investor confidence and enhance investor protections," said Jean-Paul Bureaud, Executive Director of FAIR Canada. "Both are critical to promoting vibrant capital markets that can sustain economic growth and development."

In particular, FAIR Canada welcomes the government's plan to introduce a statutory process for distributing disgorged funds to harmed investors. It is important to Ontarians' confidence in the financial system that ill-gotten gains be returned to harmed investors in an efficient and timely manner.

We also welcome the government's support of the OSC's ongoing work to improve the complaint-handling system for investors. FAIR Canada has long advocated that investment dealers be bound by recommendations made by the Ombudsman for Banking Services and Investments (OBSI) following a fair and impartial process. Together with many other investor advocates, we look forward to a long-anticipated regulatory proposal from the OSC later this year.

"These proposals are a step towards promoting better outcomes for Ontario investors," said Bureaud. "As we pursue efforts to foster more competitive markets and increase investment opportunities, it will be critical that governments and regulators remain equally focused on protecting those investors."

About FAIR Canada

FAIR Canada champions the rights of individual investors in Canada through advocacy, education, and regulatory advancements. We are the trusted, independent voice on significant issues that affect individual investors. As Canada's only non-profit, investor-focused organization, we provide informed, objective comment on regulatory issues that have an impact on investor fairness and protection. Learn more about investor rights at FAIRCanada.ca and connect with us on Twitter and LinkedIn.

For further information contact:

Jean-Paul Bureaud
Executive Director, FAIR Canada
[email protected]

Julia K. Mackenzie
Manager, Public Relations, FAIR Canada
[email protected]