Today, the Ontario Securities Commission (OSC) released its Seniors Strategy, embracing multiple tools (i.e. targeted policy, operational, research and educational initiatives) to foster a stronger and more secure financial future for Ontario’s seniors.
The IIAC applauds the OSC on its continued efforts to protect seniors from financial exploitation and fraud and address the challenges stemming from diminished mental capacity later in life. The OSC’s Seniors Strategy has the benefit of being both flexible and responsive to the changing needs of older individuals, allowing member firms to exercise judgement based on the particular situation, while keeping appropriate investor protection measures in place.
The OSC recognized in its report the IIAC’s previous work in this area, namely our 2014 Guidance report, “Canada’s Investment Industry: Protecting Senior Investors – Compliance, Supervisory and Other Practices When Serving Senior Investors”.
The IIAC and our Private Client Committee’s Vulnerable Clients Working Group look forward to working closely and collaboratively with the OSC and other stakeholders to develop tools and resources to help member firms better engage with, and address the needs of older clients in the rapidly changing financial environment.
If you have any questions or require additional information, please contact Michelle Alexander.