Client’s Best Interest Not Effectively Achieved by a Specific Rule or Regulation (IIAC Blog)

August 4, 2016 by
Ian Russell
Ian Russell

From the President

Professor Mary Condon, former Commissioner of the Ontario Securities Commission (OSC), wrote an Op-Ed in the July 2016 issue of Investment Executive (IE) outlining the OSC’s position on the “best interest” standard.

She argued eloquently that a client best interest standard should be imposed on financial advisors and investment dealers. In her words, investors deserve no less. Condon puts it succinctly: a best interest standard “puts the client’s interests first” in all dealings.

The IIAC weighed in. In a Letter to the Editor I argued regulators should get the rules, guideposts and right culture in place, and that will ensure that the client’s best interests come first. A new rule to require this desired regulatory outcome is not needed.

Read my full Letter to the Editor here.

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