MFDA Working to Protect Seniors from Financial Harm

TORONTO, June 15, 2016 /CNW/ - Seniors across Canada are celebrated during Seniors' Month and Seniors' Week events held across the country in the month of June. The Mutual Fund Dealers Association of Canada (the "MFDA") is marking this by launching its first Investor Bulletin with a focus on seniors' issues. The Investor Bulletin provides general investor news, alerts, notable cases and information on how investors can better protect themselves from financial harm.

"Protecting senior investors and enhancing investor education are key initiatives of the MFDA under its strategic plan, and the launch of the MFDA Investor Bulletin broadens the scope of our investor focused communications. Readers of the first edition will learn about the actions the MFDA is taking to protect seniors, as well as steps investors can take to avoid financial harm," said MFDA President and CEO Mark Gordon.

All MFDA Investor Bulletins will be published on the For Investors section of the MFDA website. Readers can also subscribe to receive the MFDA Investor Bulletin by email by using the MFDA Subscription Service.

The MFDA also encourages senior investors to visit the Seniors' Section of the MFDA website where investors can find links to resources for seniors organized by Province and Territory, as well as links to investor education resources from the MFDA, its regulatory partners, and other organizations.

In addition, below are some regulatory activities and initiatives recently undertaken by the MFDA in regards to protecting senior investors:

• In October 2015 the MFDA held its second Seniors Summit where various specialists and subject matter experts provided practical advice on dealing with the issues and challenges faced by dealers and advisors in servicing senior clients. A webcast of the 2015 Seniors Summit is available on the MFDA website.
• The MFDA continues to place a priority on cases involving Seniors and Vulnerable Persons. Forty percent of proceedings commenced in 2015 (other than signature falsification cases that do not involve a client complaint or harm to a client) involved Seniors or Vulnerable Persons. Highlights from enforcement proceedings involving senior investor and other vulnerable investors are set out in the 2015 Annual Enforcement Report.
• The MFDA published amendments to strengthen and clarify its existing rule against advisors having any form of control or authority over the financial affairs of a client, such as a power of attorney from a client, or an appointment to act as a trustee or executor of a client or client's estate.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada

Ian Strulovitch, Director, Public Affairs, [phone] or [email protected]