IIROC re-issues investor bulletin amid increase in DIY investor complaints

By Staff | February 10, 2021 | Last updated on February 10, 2021
1 min read
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With over two million do-it-yourself (DIY) accounts opened in Canada in 2020, and increased market volatility, the Investment Industry Regulatory Organization of Canada (IIROC) re-issued its investor bulletin on Tuesday to help DIY investors make informed decisions.

According to research firm Investor Economics, Canadians opened more than 2.3 million gross new accounts in 2020 — up from 846,000 in 2019, a release from IIROC said.

In step with that increase, IIROC said it has experienced a significant surge in inquiries and complaints since the pandemic began.

Between March 2020 and January 2021, DIY investors’ inquiries and complaints were up by 270% compared to the same period in 2019, IIROC said.

“We urge investors to be careful about where they are getting their investing information, as many sources are unregulated and may contain inaccurate information,” said Lucy Becker, IIROC’s vice-president of public affairs and member education services, in the release. “This may lead to misinterpreting investment research and subsequently betting the farm.”

The investor bulletin helps investors understand whether a DIY account is right for them and also lists several DIY investor mistakes.

Last week IIROC, together with the Canadian Securities Administrators, issued a joint statement urging investors to be careful about sources of information they use when making investment decisions.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.