OSC’s draft priorities target advisor comp and best interest standard

The OSC has published its 2016-2017 Draft Statement of Priorities.

The draft sets out the OSC’s five regulatory goals:

• deliver strong investor protection;
• deliver responsive regulation;
• deliver effective compliance, supervision and enforcement;
• promote financial stability through effective oversight; and
• be an innovative, accountable and efficient organization.

Of particular interest to advisors are these two action items noted in the report:

• finalize analysis of advisor compensation practices and identify those practices that appear inconsistent with current regulatory expectations; and
• publish and conduct consultations on proposed regulatory provisions to create a best interest standard.

Comments on the draft are due by May 9, 2016.

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