New Chair for the OSC

There are no surprises here. Industry does not want to lose control. This proposed appointment reinforces the need for a national Investor Protection Agency to provide investor protection.

Industry and the regulators have failed to protect investors. They say that investor protection is important but they also claim their actions are preventative and not remedial. This is no help to the widows, seniors and other Canadians that lose their life savings due to wrongdoing and unsavoury sales practices of the investment industry at large.

It is not enough for the regulators to say these so-called investment advisors are registered as sales representatives and that they have no control over job titles such as investment advisor or consultant. This is misleading the public at best.

Is there no sense of honesty within the regulatory system? How can the regulators allow the industry to falsely advertise that they are providing advice and then deny responsibility by saying in reality the representatives are only salespeople without fiduciary obligations?

It is time to either hold the industry accountable, or to warn the public that the investment industry are robbers in white collars. Regulators must warn the public to be be wary in dealing with the investment industry. Regulators must disclose the wrongdoing that permeates the industry and creates so many victims each year.

Maybe with this new appointment the public will realize it is Caveat Investor!

Let the new chair show by his actions that he is not what he seems to be and that he is prepared to act as a regulator should to protect the public.