OSC publishes Seniors Strategy

first_imgSenior couple with skis, mountain backgroung 8402093 – portrait of senior couple in ski resort How dealers can protect vulnerable clients “The OSC’s vision is a stronger and more secure financial future for all Ontario seniors,” says Tyler Fleming, director of the investor office at the OSC, in a statement. “Our comprehensive approach includes targeted policy, operational, research and educational initiatives to ensure that older Ontarians’ needs are appropriately met by the province’s securities industry.”The strategy covers a number of pre-existing initiatives, such as the ongoing effort to sort out the confusing array of titles that are used in the investment business, and indicates that new measures are also needed.For example, the Seniors Strategy calls for the introduction of a requirement that firms and reps ask clients for a “trusted contact” that they can call on in cases of suspected abuse. It also says that firms be provided with legal protection that would enable them to prevent possible client harm, by placing a hold on the disbursement of client funds in cases where they suspect possible abuse.Additionally, the strategy calls for new regulatory guidance for firms and reps on dealing with senior-specific issues, and for strengthening the dispute resolution process so that it works better for seniors.The OSC will be developing its own educational resources for investors, their families, and for firms to use with investors, that will deal with seniors issues, the strategy notes.Also readOSC announces seniors expert advisory committee membersMore broadly, the OSC asks other regulators and organizations to work together to design policies and programs that “serve the interests of older individuals in areas such as powers of attorney and privacy laws,” the notice says.The strategy also includes a pledge to step up training internally for OSC staff to better equip them to serve senior investors, and suggests that more research needs to be done to inform the regulator’s efforts when it comes to protecting seniors.“The financial lives of older Canadians have grown increasingly complex relative to previous generations. As a regulator, we believe that we have a role to play in ensuring that the needs of older Ontarians are appropriately met by the province’s securities industry,” the notice says.Also readSlideshow: Major challenges facing seniorsThe strategy says the OSC will report on its progress in a year’s time, and calls on the industry to work to improve its practices for dealing with older investors in the year ahead.The Ombudsman for Banking Services and Investments (OBSI) has announced its support for the Seniors Strategy.The document notes OBSI’s unique role as a service to resolve disputes and the part it can play in recognizing the needs of older investors through the complaint process, the organization says in a news release.The Mutual Fund Dealers Association of Canada (MFDA) says it will issue guidance for dealers and advisors on best practices for better protecting and serving senior clients to support the OSC’s goal of fostering a stronger and more secure financial future for older investors.“The OSC Seniors Strategy acknowledges the necessity for co-operation among regulators in this area and the MFDA welcomes the opportunity to continue to work collaboratively with the OSC and other regulatory partners to protect seniors,” says Mark Gordon, MFDA president and CEO, in a statement. Facebook LinkedIn Twitter Related news Keywords SeniorsCompanies Ontario Securities Commission Share this article and your comments with peers on social media Fund rep fined, banned for misconduct James Langton New protections for senior investors on the horizon The Ontario Securities Commission (OSC) on Tuesday published its Seniors Strategy, which sets out a combination of policy measures, education, outreach and industry co-operation to better protect seniors.A staff notice explains the OSC’s vision for bolstering both the investment industry’s ability to help guard against elder financial abuse, and the regulator’s own efforts to serve seniors. last_img

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