The Canadian Foundation for Advancement of Investor Rights (FAIR Canada) has added former regulator Guy Lemoine to its board.
At its annual general meeting in Toronto on Sept. 23, investor advocacy group elected 11 people to its board. The sole addition is Guy Lemoine, a lawyer, and former vice-chair and commissioner of the predecessor to the Autorité des marchés financiers (AMF), the Commission des valeurs mobilières du Québec (CVMQ).
Lemoine has also served as president of Québec’s adjudicative body, the Bureau de décision et de révision en valeurs mobilières (2003 – 2008), has been a member of the administrative council and secretary of the North American Securities Administrators Association (NASAA), and has worked at both the federal Department of Justice and the Office of the Attorney General of Québec. He also sits on the Consumer and Investor Advisory Council of the Ombudsman for Banking Services and Investments (OBSI).
Neil de Gelder, who had been on the board since 2008, did not stand for re-election. FAIR says that he will continue to be involved with the group as an emeritus advisor.
Long-time journalist Ellen Roseman was elected to serve as chairwoman of FAIR’s board once again. The group’s founder, and former executive director, Ermanno Pascutto, was added to its executive committee. Additionally, former regulator Larry Waite and former advisor and journalis, Preet Banerjee, joined its finance and audit committee.
FAIR has made reform of the client-advisor relationship one of its central strategic priorities for the next few years. Among its priorities for 2014 to 2017, it says that it will continue to advocate reform “to encourage a better alignment of the interests of retail investors and financial advisors and improve outcomes for the investing public, and will advocate for the adoption of a requirement that registrants have a duty to act in the client’s best interests.”
It also pledges to “investigate and analyze the impact of complex and high-fee investments on investors, promote greater transparency surrounding fees, and call for a ban on compensation that leads to poor advice (including trailer commissions), as well as more substantive regulation of investments that often lead to poor consumer outcomes (such as group scholarship plans).”
Additionally, the group plans to focus on investment fraud, and will push for action on its recent recommendations for combating fraud; it will take on emerging issues, such as equity crowdfunding and the rise of the exempt market; and, it will be working to secure sustainable funding.