CARP welcomes yesterday’s announcement that the Ontario Securities Commission (OSC) is seeking members for its newly established Seniors Expert Advisory Committee (SEAC). A committee to advise on issues relating to older investors was one of CARP’s suggestions provided in a recent submission to the OSC.
Early last month, Wanda Morris, CARP’s VP of Advocacy, offered a submission to the OSC outlining CARP’s priorities with regard to investor protection and retirement security for Canadians as we age. Among the recommendations was the creation of a seniors committee to protect seniors and other vulnerable investors. CARP looks forward to following the work of this committee as it begins its mandate.
Establishing the committee was just one of several recommendations that CARP made to the OSC. In order to ensure that small investors are well represented and protected CARP made several additional recommendations: make best interest legislation a priority, legislate the protection of seniors from financial exploitation, address existing issues with Powers of Attorney, collect unpaid fines and make the Ombudsman for Banking Services and Investments more effective.
CARP continues to advocate for the OSC to implement the remaining recommendations to ensure that seniors and other vulnerable investors receive the protections that they deserve.