June 2010
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Research Report on Early Consumer TFSA Experiences |
Jun 29, 2010 1:44 PM
CCC Admin |
The Consumers Council of Canada has released a comprehensive research report on early consumer experiences with Tax-Free Savings Accounts. The research can be downloaded from the Council's website.
Introduced in February 2008, and available to consumers since January 1, 2009, the TFSA has the potential to transform the way Canadians save for the future and manage their investments. The Consumers Council research report is built on interviews with industry participants, an extensive survey of Canadian adults and a detailed review of published and on-line resources. The report focuses on early consumer experiences with TFSAs, including:
- The changing levels of awareness and participation, including geographic and demographic breakdowns;
- The most commonly cited reasons for consumers deciding not to open a TFSA;
- Some of the most frequent consumer misunderstandings about the TFSA;
- How the turn in economic fortunes between the conception of the TFSA policy and its implementation affected consumer acceptance and adoption of the new savings vehicle.
To help consumers make an informed decision, the report also touches on many other TFSA issues: costs, benefits, competitive products, savings alternatives, consumer knowledge, rule changes, investor behaviour and public policy. The report includes numerous recommendations about what consumers, government and financial services intermediaries can do to improve consumer experiences with the Tax-Free Savings Account.
Consumers Council of Canada received funding from Industry Canada’s Contributions Program for Non-profit Consumer and Voluntary Organizations. The views expressed in the report are not necessarily those of Industry Canada or of the Government of Canada.
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Financial Services
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Ontario Securities Commission should do more to listen to investor community |
Jun 21, 2010 2:29 PM
CCC Admin |
The Consumers Council of Canada is concerned that the Ontario Securities Commission has declined to give the investor rights group FAIR Canada a place as intervenor at the June 23, 2010 proceeding involving Magna International and the Stronach Trust. At the upcoming proceeding, important questions about market transparency and fair valuation of publicly traded securities are to be considered.
FAIR Canada, a foundation which represents both retail investors and shareholders of listed companies, has stated that the proposed transaction is contrary to both the public interest and the best interests of investors generally, as well as an abuse of the Canadian capital markets.
"The Ontario Securities Commission needs to be more open to hearing investor and public interest concerns about major marketplace events," said Consumers Council of Canada President Don Mercer. "Clearly, there are significant concerns about this proposed transaction, and a wider hearing of qualified views would benefit the marketplace and all investors."
In a press release issued late last week, FAIR Canada detailed concerns about the proposed transaction. The OSC has given limited intervenor status to certain pension funds and other institutional shareholders.
"Once again, it appears that the fundamental right of consumers to be heard has been overlooked and investor protection is taking a back seat," added Mercer. |
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Financial Services
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Proposal for national securities regulator welcome |
Jun 3, 2010 9:09 AM
CCC Admin |
The Consumers Council of Canada commends the federal government and Finance Minister Jim Flaherty for moving ahead to create a national securities regulator.
“Canada has long needed a national securities regulator to provide consistent, nation-wide protection for investors and consumers of financial services,” said Don Mercer, President of the Consumers Council of Canada. “Both costs and fraud can be reduced by having one regulator. This is significant for retail investors.”
The Consumers Council has long been concerned about the duplicative costs being born by consumers as a result of the current structure of securities regulation.
“Retail financial services products today are reviewed over and over, too often just for form’s sake,” said Mercer, who noted the flipside of this is that when this does not happen consumers must adapt to new rules every time they change province of residence.
Mercer said the Council welcomes the federal government’s action to release draft legislation that can be evaluated for constitutionality by the courts. The proposal to establish an Investor Advisory Panel as part of that legislation is an important feature for retail investors.
“This is a first and significant step in what has been a long process to improve investor protection in Canada,” Mercer added. “We embrace the government getting on with this.”
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Financial Services
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