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OSC rolls out strategies to protect senior investors

In a bid to make the investment landscape inclusive to older investors, the Ontario Securities Commission (OSC) published OSC Staff Notice 11-779 Seniors Strategy, which outlines new initiatives to respond to the needs of the silver population.

Over the coming year, the regulator will establish initiatives that include the development of a flexible and responsive framework to tackle issues of financial exploitation and cognitive impairment among senior investors.

The OSC plans to introduce educational initiatives for registered firms and representatives who work with older investors. These efforts will cover topics including best practices for engaging and communicating with older investors.

Furthermore, a dedicated staff will be designated to serve OSC’s Inquiries and Contact Centre.

OSC Investor Office director Tyler Fleming said this is part of the regulator’s vision of providing a stronger and a more secure financial future for all Ontario seniors.

“Our comprehensive approach includes targeted policy, operational, research and educational initiatives to ensure that older Ontarians’ needs are appropriately met by the province’s securities industry,” he said.

Here are some of the key elements of OSC’s strategy:

  • Addressing registered firms’ and their representatives’ use of confusing and misleading titles, designations, and marketing practices, including issues related to older investors.
  • Strengthening OBSI and exploring how the dispute resolution process can better respond to the issues of older investors.
  • Breaking down silos and working with other regulators and organizations toward a common goal of designing policies and programs that serve the interests of older individuals in areas such as powers of attorney and privacy laws.
  • Building capacity among our staff to continually improve the ways in which we work with older investors and undertake various enhancements to our operational activities.

To check the staff notice, click here.