TORONTO, March 20, 2018 /CNW/ – The Portfolio Management Association of Canada (PMAC) applauds the release of the Ontario Securities Commission’s (OSC) Seniors Strategy.
The Seniors Strategy represents a welcome effort by the OSC to assist in the development of a flexible and responsive framework to help address the needs and priorities of older investors and to recognize and manage the challenges that aging investors may face. The Seniors Strategy contains, among other things, a plan to issue guidance on engaging with older clients, including with respect to information collection, supervising client accounts and effective communication, as well as a proposed safe harbour for firms that place a temporary hold on disbursements from client accounts when they have a reasonable belief of financial exploitation or fraud or that the client’s judgement is impaired.
PMAC is pleased to have been part of the work done by the OSC’s Seniors Expert Advisory Committee that, in combination with stakeholder consultation, has resulted in the Seniors Strategy. Katie Walmsley, the President of PMAC, says, “we view the Seniors Strategy as a crucial roadmap and conversation starter on pressing issues around aging investors,” adding that “this publication will help the investment industry work with aging investors and their families to better protect and preserve their retirement savings.” PMAC looks forward to working with the OSC to help build awareness and amplify their education and outreach activities on this topic. Walmsley notes, “PMAC believes this report will help advance standards for investment professionals working with aging investors to help them achieve greater financial security.”
About PMAC:
PMAC represents more than 250 investment management firms. PMAC’s members manage investment portfolios for, among others, private individuals, foundations, universities and pension plans, managing total assets in excess of $1.5 trillion. The Association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.
For further information: Katie Walmsley, President, Portfolio Management Association of Canada (PMAC), Phone: 416-504-1118 x 204, Email: [email protected]; Margo Rapport, Rapport Communications, Phone: 416-895-5672, Email: [email protected]