IIROC develops resources to help protect senior investors 

Investor video now available online

June 24, 2016 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today released a video that provides helpful tips and tools for senior investors when working with their investment advisor.

The video complements an investor bulletin published this month by IIROC - Are you financially prepared for what’s ahead? - which encourages seniors to ask questions and conduct their own research. Investment advisors may also find these materials useful when working with their senior clients and discussing the unique needs of investors as they get older.

“As a public interest regulator, the protection of seniors is a priority for us,” said Lucy Becker, Vice President, Public Affairs and Member Education Services. “We’re pleased to partner with other stakeholders to create and make available a variety of resources and practical tips to help seniors make informed decisions and protect themselves, including IIROC’s online advisor check service.”  

The video features commentary from a consumer perspective represented by Lucie Tedesco, the Commissioner of the Financial Consumer Agency of Canada (FCAC). It also features IIROC’s Chief Policy Officer, Richard Corner and RBC Dominion Securities’ Chief Compliance Officer, Nick Cardinale, adding their insights.

The FCAC has focused on the need for seniors to be able to maintain their standard of living during their retirement years as part of its National Strategy for Financial Literacy.

“To retire comfortably, our research shows that having a plan is key,” said FCAC Commissioner Lucie Tedesco. “The good news is that it’s never too late to start, and we appreciate this opportunity to help more Canadians get financially on track for their retirement.”

The video also highlights helpful resources provided by other regulators, government agencies and not-for-profit organizations available through a designated section for seniors on IIROC’s website. In addition, the FCAC’s website has a wealth of resources, including practical guides on managing the financial demands of different life events, many of which relate to seniors.

In May, IIROC issued guidance for IIROC-regulated firms and their investment advisors to help inform and address the needs and challenges faced by firms and senior investors.

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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

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