Canada’s investment industry regulators have issued a report updating their progress on retail investors’ issues since the Investor Town Hall, held back in May 2005.

The joint report from the Ontario Securities Commission, Investment Dealers Association of Canada, Mutual Fund Dealers Association of Canada and Ombudsman for Banking Services and Investments, outlines the progress that they have made in resolving some of the complaints that investors made at the meeting.

Evidence of truly substantive progress is scarce, most of it relates to improved communications, and much of it remains a work in progress. There has been no effort to establish a new redress mechanism for investors, and the two-year limitation period for legal action remains in force. “We have made progress in some areas but we still have work to do,” the report acknowledges.

The one concrete achievement is the establishment of the OSC’s investor advisory committee to provide guidance on the OSC’s work affecting retail investors. The regulators are also considering “how we can best make disciplinary information about registrants publicly available through a central location or database”.

Apart from that, the report says that the regulators have improved communications for investors who make complaints. “Transferring inquiries and complaints to the appropriate organization will be more seamless, making the process easier for investors,” it notes. They say they are working on more helpful and consistent investor communications.

They promise that investors will be made more aware of existing investor redress mechanisms and how to access them. The report also notes that the IDA and MFDA have agreed to work on a requirement for their members that will set standards and timeframes for handling complaints, as will the OSC for firms that are not members of the IDA or MFDA. There will be future Town Hall meetings “at the appropriate time”, the report adds.

In a news release, OSC chair David Wilson says he recognizes the critical importance of consulting directly with investors. He says the report will help to focus the commission on the needs of the retail investor, one of the key goals in this year’s Statement of Priorities.

“The report discusses the progress our organizations have made since the Investor Town Hall – what we are working on, and what we plan to do in the coming months. This progress should be viewed as the end of the beginning, not the beginning of the end. Our organizations will continue to develop solutions to address investors’ concerns in these areas – we still have work to do,” said vice chairwoman Susan Wolburgh Jenah.