The funding will be used to assist the daily operations of the IPC, which include helping investors find and learn about redress options by proving free legal advice along with education and engagement programs.
“Supporting the Osgoode IPC aligns with our mandate of protecting investors and fostering confidence in the financial markets,” said Grant Vingoe, OSC CEO, in a June 25 statement.
“This initiative not only enhances investor protection but reinforces our commitment to improving investors’ access to redress and the supports available to them to navigate complex financial disputes.”
The IPC was the first clinic of its kind in Canada and offers clients access to a single point of contact where they are able to receive comprehensive assistance and advice on how to proceed, its website reads.
It noted that common issues that individuals face include that the risk of investments was misrepresented by their adviser, the funds were used in ways that the individual was unaware of, unexplained fees were charged, too many trades were made by the adviser resulting in high commissions or trading fees, and forms were signed on the individual’s behalf without permission.
The clinic’s assistance includes writing a complaint letter to the company or the regulator, giving options on how to proceed with the issues and representing clients in a legal proceeding. It is unable to help with losses that occurred due to market forces and risks inherent to investing.
The commission noted that its mandate is to protect investors from unfair, improper or fraudulent practices and to foster fair, efficient and competitive capital markets and confidence in the capital markets.
It encouraged investors to check the registration of any persons or company offering investment opportunities and to review investor materials available on the OSC’s website.
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