The plan also highlights a change in the agency's approach to retail investors.
In its plan, the OSC said: “We will put even more emphasis on DIY investors, ensuring they have the tools, information and wide choice they need to support their independent investment activities.”
“At the same time, we understand the value of the advice channel and will support efforts to improve the experience for investors receiving advice through traditional brokerage and fiduciary accounts.”
OSC plans to build on the progress made through client-focused reforms in addressing conflicts of interest, product knowledge, and appropriate disclosure in its advisory channels.
OSC CEO Grant Vingaard spoke Friday at an event hosted by the C.D. Howe Institute in Toronto, and spoke about the quality of advice provided to some investors, the proficiency of certain advisors, and particularly He said he remains concerned about the narrowing of product selection for investors. Bank.
“Over time, the evolution of customer-focused reforms will lead to new steps that will require consideration of competitive factors to ensure Canadians have access to a reasonable range of products, including independent products. '' said Mr. Vingaard. He said.
He added that advice given in bank branches “must be more skilled”. [have] More elements of financial planning will be realized” and will be accessible to people “even if they are not wealthy or have not received the highest level of fiduciary advice”.
In November 2021, Ontario Finance Minister Peter Bethlenfalvy asked the OSC to investigate concerns about banks restricting branch shelves to their own funds. The OSC submitted its report less than four months later, but no action was announced as a result.
In December 2023, the Federal Treasury asked, in a competition-focused consultation, whether large banks should be required to or incentivized to offer third-party products and services.
On the enforcement side, the OSC said it intends to take on more difficult cases and bring more attention to its efforts.
“We're going to file a lawsuit that may not be successful, but we're sending a message,” Vingaard said.
“Wide publicity of high-profile cases that demonstrate the advanced capabilities of OSC enforcement investigations is a strong deterrent to future illegal activity and is one of our core enforcement strategies,” the regulator said in its plan. It will happen,” he said.
Regulators are searching for an executive vice president after longtime executive director Jeff Kehoe retired earlier this year.
The OSC said it will work harder to collect sanctions from wrongdoers and return more funds to affected investors. “We will explore new tools and authorities to address fraud along with compliance and enforcement continuities,” the plan states.
On capital formation, the OSC said it wanted to provide further support to early-stage companies raising capital, and said new and enhanced exemptions were likely to be introduced in the short term. The regulator said it would consider expanding opportunities for investors with the appropriate risk appetite to participate in this type of speculative business, which would also support its goal of improving the investor experience.
In March, Alberta and Saskatchewan's securities regulators permanently established rules that allow investors who lack the financial means to qualify as accredited investors to apply for exemptions based on their financial knowledge.
OSC also aims to address the needs of underserved communities, including immigrants and vulnerable investors.
The plan calls for “a more deliberate and targeted focus on the specific needs of different types of investors to foster their market engagement and help them navigate an increasingly complex investment landscape.” We can help make this possible.”