Expert Committee to Review Regulation of Financial Advisors and Planners
Ontario Strengthening Financial Services Sector
Ontario is launching a review of regulations relating to financial advisors and planners to help investors and consumers make informed investment and financial choices, as well as enhance oversight in this sector.
Unlike many financial service sectors in Ontario, financial advisors and planners are not subject to general regulatory oversight, which could leave consumers and investors vulnerable. This review will focus on addressing this gap by examining more tailored regulations.
To lead the review and make recommendations, the Province has appointed an independent expert committee, which includes:
- Malcolm Heins (Chair of expert committee), a lawyer, director and business advisor, who successfully reformed the regulation of paralegals during his tenure as the CEO of the Law Society of Upper Canada
- Anita Anand, a Professor of Law at the Faculty of Law, University of Toronto, with a research focus on regulation of capital markets; and inaugural Chair of the Investor Advisory Panel to the Ontario Securities Commission
- Paul Bates, a Chartered Professional Accountant, Fellow of the Society of Management Accountants, a Certified Management Consultant and the former Chair of the Investor Education Fund, with experience in investor advocacy
- Lawrence Haber, Executive Chair of the Board of Diversified Royalty Corp. and a special policy advisor to Ontario Securities Commission staff
In early 2016, after the expert committee's review is completed, a final report including recommendations will be submitted to the government.
Strengthening the financial services sector is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives, and building a secure retirement savings plan.
- Ontario’s financial services sector remains the Province’s second-largest sector after manufacturing, based on output.
- In 2014, the financial services sector created jobs almost twice as fast as the overall Ontario economy.
- The expert committee was announced in the 2014 Ontario Economic Outlook and Fiscal Review.
“Today’s appointment of this expert committee reaffirms Ontario’s commitment to reform and strengthen the Province’s financial services sector, protect investors and consumers, and bolster the stability and efficiency of financial markets.”