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September 25, 2015 – Ontario consumers continue needing additional protections when engaged with financial planners or those giving financial advice, according to a submission by the Public Interest Advocacy Centre (PIAC) to the Ontario Ministry of Finance. PIAC’s submission to the Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives suggested the creation of enforceable regulations or legislation to ensure those providing financial planning or financial advice always act in the best interest of consumers.
“Many Ontario consumers expect their financial advisor to work in their best interest, and many do. However, the Expert Committee should recommend a defined legal standard that accurately reflects consumer expectations,” noted John Lawford, PIAC’s Executive Director & General Counsel.
PIAC also suggested limiting of the use of unnecessary or misleading job titles by financial advisors and planners, as well as enhanced disclosure about how a financial service provider is paid.
“If PIAC’s suggestions help balance the scales between Ontario investors and their financial service provider, then all industry stakeholders should benefit,” noted PIAC Research Analyst Jonathan Bishop.
To read PIAC’s submission to the Government of Ontario Ministry of Finance Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives, please follow the link below:
The Ontario Ministry of Finance Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives consultation paper can be found using this link:
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