RE: A higher standard for all advisors, by Greg Pollock, president and CEO, Advocis, investmentexecutive.com, May 21, 2015
The Small Investor Protection Association (SIPA) is concerned that the securities administrators are not requiring all those who are dealing with Canadians’ life savings to be held accountable to a fiduciary duty.
If industry sales persons titled as “financial advisors” want to be considered as responsible professional advisers — like doctors and lawyers — they should be pushing not only for higher proficiency standards, but for a fiduciary responsibility. The claim that financial advisors (a.k.a. salespersons) already “adhere to a Code of Professional Conduct” is misleading.
There is a growing consensus by intelligent people that it is time the regulatory system is revised to ensure that the public is serviced by a responsible investment industry that employs qualified professional advisors that can provide sound financial advice to enable Canadians to place their trust in an industry that will safeguard their savings. Advisors must have fiduciary obligations. The industry must be regulated by competent, objective regulators that will in fact hold investor protection paramount.
For regulators and industry to do less is a profound disservice to the Canadian people.
Stan Buell
President
Small Investor Protection Association
Markham, Ont.