But there’s one question no one should have to ask: Will I lose my life savings because of an unethical investment advisor?
You deserve to know that the money you’ve saved will be there when you need it. You could just pop the whole thing in a bank account, but you’re hoping for a stronger return on investment to push your savings a little further.
Your friend mentions an investment advisor they trust. You meet her and are impressed. She takes the time to listen to your worries about investing and really seems to care. You just need to sign a few forms and she’ll happily fill out the rest. It seems that you can relax and watch your nest egg grow.
Sadly, this experience happens all too often. To make matters worse, when it does happen, there are very few options available to you, the small investor.
People are often surprised to learn that the investment industry is not well-regulated, leaving far too many people, particularly seniors, vulnerable to financial abuse. CARP members know this all too well as one-third of members polled have lost money from bad investment advice.
The mandate of the OSC, is to “provide protection to investors from unfair, improper or fraudulent practices”. It’s high time they did so. No one’s life savings should be lost because the OSC hasn’t done its job.
All Canadians deserve protection from predatory advisors and bad advice.