Fundamental flaws in Canada’s investor protection regime continue to unaddressed by regulators, says an Ontario Securities Commission (OSC) advisory panel.

The Annual Report 2013-14 of the Investor Advisor Panel (IAP) summarizes the panel’s current activities and priorities as well as its recommendations to the OSC on proposals of importance for investor protection.

Throughout the past year, the panel says it has focused on “fundamental flaws in Canada’s investor protection regime which, although well-known and clearly identified, remain unaddressed.”

They include “inadequate and outdated regulatory standards for the provision of advice, particularly with regard to conflict resolution, client risk assessment and reliance on the regulatory tools of disclosure and investor education, and the continuing failure to ensure access to fair, independent complaint handling and binding compensation.”

“We remain concerned that measures which could significantly improve investor protection continue to languish, subject to additional review and study, absent any specific commitments to action”, said Connie Craddock, IAP chairwoman, in a news release.

The IAP says it will continue its focus on issues of primary importance to investors including the introduction of a best interest duty, title and proficiency reforms; compliance, enforcement, complaint handling and restitution for investors.

The IAP also anticipates additional work following its successful seniors’ roundtable and its new research project on risk assessment processes in Canada and internationally.