OSC Staff Notice 11-779 Seniors Strategy

May 18, 2018

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OSC Staff Notice 11-779 Seniors Strategy

Letter Summary:

The notice discusses investor protection enhancements that are particularly applicable to seniors.  Items discussed include investor education, communication with seniors, and a trusted contact person to help prevent fraud and financial exploitation.  

Overview of the Council’s Comments:

The council is strongly supportive of initiatives aimed at promoting outreach and investor education generally, including outreach and education to seniors.  The council supports simplifying the titles of IIROC and MFDA registrants so that seniors can better understand the expertise of the advisor.  

Suitability concerns are often particularly acute with seniors.  The council supports the eradication of complex and unsuitable investment products being sold to seniors.  We note that the objectives set out in the Securities Act (Ontario) include protection against unfair practices, and failing to deal with vulnerable clients in the appropriate manner may arguably be a violation of the act.