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Investor News
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January 17, 2024
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New Year with lots to look forward to
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2024 is shaping up to be another very active time.
The OSC’s regulatory research and policy teams will continue to explore and pursue areas of importance for retail investors. To continue to help investors and the financial industry access the information they need to make more informed decisions, the education and outreach work of the OSC will introduce many new articles, videos, tools and other resources.
Tell your friends to subscribe today to stay informed as we dive in.
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New research results from OSC survey uncover gaps in Canadian retirement preparedness and plans
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The OSC released an investor research survey looking at the financial lives of Canadians 50 years of age and older. Profiles of Retirement sheds light on the attitudes and expectations of retirees and pre-retirees. While most retired Canadians said they were in a financially strong position, 15% reported their financial situation as poor and almost one third reported their monthly expenses in retirement are higher than they expected. Compared to retirees, those who are not yet retired have less savings and more debt and may not retire as comfortably as those who are already retired
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Canadian 50+ survey provides important snapshot of retirement
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The OSC survey, Profiles of Retirement, provides valuable insights into the expectations and experiences of retirees and pre-retirees. Seniors are living longer, so their money needs to last longer. Running out of money was one of the top financial concerns of 50+ Canadians. Both retirees and pre-retirees also are worried about inflation, housing and rental costs, and unexpected health-care costs. The survey found that both retiree and pre-retirees may not be prepared for financial emergencies and for the possibility of physical or cognitive decline.
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OSC and the Seniors Expert Advisory Committee 2024 members
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Identifying and addressing the needs of older investors, including through the Profiles of Retirement survey, is a priority for the OSC. The survey will help inform the OSC’s regulatory and operational work in support of seniors and build on the OSC’s Seniors Strategy. The strategy set out a plan to ensure the needs of older people are met by Ontario’s securities framework. The Seniors Expert Advisory Committee (SEAC) is part of that strategy.
Recently, the OSC announced the membership of (SEAC) for the 2024 term. The committee advises OSC staff on securities-related policy, operational, education and outreach activities of the OSC that are designed to meet the needs of Ontario’s older investors. The Seniors Expert Advisory Committee was first launched in 2016. Its members have provided contributions to OSC initiatives supporting seniors, including the development and implementation of the OSC Seniors Strategy.
Effective as of January 10, 2024, the SEAC members are: Angela Salmon, Arthur Fish, Danielle Tetrault, Ellen Bessner, Jennifer Aronson, Jennifer Moir, Dr. Joe Bornstein, Dr. Julia Spaniol, Ken Kivenko, Kimberly Whaley, Kyle Fitzgerald, Laura Tamblyn Watts, Lindsay Rogan, Marta C. Hajek, Michael Payne and Terri Williams.
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Embracing a new year
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Working on a fresh start for 2024? Maybe you joined a gym? Don’t forget money matters when you’re thinking about the coming year. Consider these 10 resolutions you could try to improve your financial fitness for the months ahead.
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Breaking away from old patterns
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Keeping your New Year’s resolutions can be tough. It’s easy to say: “new year, new you.” But it’s even easier to do nothing and live for today. That’s because most people prefer short-term rewards over long-term ones. It’s called present bias. You are more likely to prefer short-term rewards, even though working toward a long-term reward would be more valuable. Find out more about present bias and how it could impact your financial decision-making.
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Have your say on new binding resolution proposal
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If you’ve lost money due to a service or advice you received from your investment firm, there is an important new initiative that may help you get your money back. The maximum monetary compensation that could be awarded would be $350,000.
The Ombudsman for Banking Services and Investments (OBSI) is a free, independent service for resolving banking and investment disputes between participating firms and their clients. Clients of registered investment firms may be able to access OBSI to make a complaint in order to get money back.
Regulators have proposed a new framework to strengthen this process — by making the dispute resolution process binding if necessary. This will help create certainty and confidence that the process will be fair for everyone. Read our new article that explains this dispute resolution proposal and how you can provide input on it.
We invite readers to give your comments about the proposal in writing on or before February 28, 2024. Your feedback will give regulators insight into the perspective of retail investors and other stakeholders. Thank you in advance for contributing to the development of this important initiative.
If you feel you may have lost money due to a service or advice you received from your investment firm, learn about the steps you can take to get your money back here making a complaint.
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Crypto Caution
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Nest egg net worth?
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Regulatory Updates & Initiatives
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Here are some recent developments and publications:
- The Financial Services Regulatory Authority of Ontario (FSRA) published guidance to protect retirees and consumers nearing the end of work. The guidance explains distinctions between decumulation products and pension or insurance products. It also offers some important questions consumers should consider before investing.
- Consultation on FSRA’s proposed approach to strengthening protection of vulnerable consumers. FSRA invites consumers, industry and other interested stakeholders to submit feedback until March 8.
- CSA announced final amendments and changes to implement an access model for prospectuses of non-investment fund reporting issuers.
- IOSCO released a statement on online harm. Online harm can take many forms, including the inappropriate online promotion of risky investments, misleading statements made in advertisements or social media content, and fraudulent and illegal online activity or other investment scams, including those involving digital assets.
- The CSA published final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement and changes to its Companion Policy. The Amendments reflect the upcoming shortening of the standard settlement cycle for equity and long-term debt market trades in Canada from two days after the date of a trade (T+2) to one day after the date of a trade (T+1).
- The Joint Forum of Financial Market Regulators held its annual meeting in November bringing together members of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representatives from the Canadian Insurance Services Regulatory Organizations (CISRO), as well as the Mortgage Broker Regulators’ Council of Canada (MBRCC). The Joint Forum members continue to support industry stakeholders in their implementation of Total Cost Reporting (TCR), which plans to increase investor and policyholders’ awareness of the ongoing costs of owning investment funds and individual segregated fund contracts.
- IOSCO finalises its policy recommendations for decentralized finance.
- IOSCO published its recommendations on accounting for goodwill.
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Instilling financial resilience in adult children
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A lot of young people aged 20 to 34 are living with at least one parent. Take a look at our tips to help your adult child take steps towards financial independence.
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Back to basics: RRSPs
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As March tax time approaches, it’s timely to think about Registered Retirement Savings Plan contributions. RRSPs grow your savings tax free until you retire. And the earlier you start saving for your retirement, the better.
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Future-proof your finances with free courses
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Enroll in the OSC’s Investing Academy: Planning for the Future. You’ll learn how to plan for retirement, buy a home, or save for your child's education. Planning for the Future is for new investors or anyone who wants to understand the basics of financial planning for life events.
Investing Academy is a new learning channel that lives on GetSmarterAboutMoney.ca. The courses include interactive lessons with videos, quizzes and action tips to help you put knowledge into action. They are available in French and English and can be completed in about an hour, at any time, on mobile or desktop devices.
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Warnings & Alerts
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The International Organization of Securities Commissions (IOSCO) is warning about scam letters pretending to be from IOSCO.
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Upcoming events
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OSC in the Community
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OSC in the Community is an outreach program that takes the OSC's regulatory mandate from Bay Street to Main Street. OSC staff travel to communities across Ontario to talk to people about making informed financial decisions and avoiding investment fraud.
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Request an OSC in the Community presentation for your club or organization here.
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January 19, 2024 Presentation, Toronto, West Neighborhood House Seniors Fair
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January 24, 2024 Webinar, Toronto, Settlement Assistance and Family Support Services
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January 25, 2024 Presentation, Mississauga, Indus Seniors Wellness Group
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Consultations
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Comments due: January 17, 2024
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The Canadian Securities Administrators published for comment amendments that would help mutual funds that voluntarily shorten their trade settlement cycle from two trading days to one (T+1).
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Comments due: February 7, 2024
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The OSC published for comment proposed changes to its fee rules that would establish new fees for restricted dealers or firms that have been permitted to carry on business under terms and conditions imposed by the OSC.
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Comments due: February 28, 2024
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OSCAR’s tip:
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© Ontario Securities Commission 2024
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