The Investment Dealers Association has published its annual report for the year ended March 31.

The report indicates that the self-regulatory orgainziation expects to devote greater attention to the complaints of retail investors. It notes that the Ontario Securities Commission’s Town Hall held in May 2005, “confirmed the increasing expectations of retail investors of regulators.”

“The ‘retailization’ of the securities markets, as well as the movement from defined benefit pension plans to defined contribution plans, will require the IDA to be even more responsive to the concerns of retail investors,” it adds.

“In that regard, the IDA and regulators generally will have to review additional remedies for retail investors including restitution following a finding of regulatory misconduct resulting in loss,” it suggests.

“In addition, the IDA and other SROs and commissions that directly regulate intermediaries will have to set industry standards for firm complaint resolution rates to ensure investors are not prejudiced in seeking other remedies if they do not get satisfaction from the firm,” the report suggests.

For fiscal 2006, the IDA generated total revenue of $42.8 million, up from $40.3 million in 2005. It spent $38.4 million on regulation and $6.2 million on lobbying during the year, up from $34.4 million and $5.7 million, respectively, in 2005. Expenses exceeded revenues by $1.8 million in 2006, however this was more than covered by the $48.75 million gain it realized by selling CSI Global Education Inc.