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National Poll: What Canadian Investors want in a Modern SRO

For further information, please contact:

Ian Strulovitch
Director, Communications & Public Affairs and Senior Legal Counsel

National Poll: What Canadian Investors want in a Modern SRO

TORONTO, September 8, 2020 – Currently underway in Canada is a process to modernize the framework for the two existing self-regulatory organizations (SRO). The Mutual Fund Dealers Association of Canada (MFDA), the national SRO that oversees mutual fund dealers in Canada, today released a report that summarizes the results of a National Poll that examines Canadian retail investors’ views around the SRO framework review, and their expectations, priorities and hopes for what a modern SRO should look like.

According to the National Poll:

  • 88% of Canadian investors believe that Canadian regulators should provide more oversight of the investment industry;
  • 91% of Canadian investors believe that financial products and services that are alike should be regulated in the same way; and
  • more than two-thirds (69%) of Canadians investors think that designing a new SRO through a comprehensive review that emphasizes accountability, government oversight and investor protection is preferable to a simple status quo SRO merger.

Further, when asked about the operation and governance of a new SRO, 82 per cent of Canadian investors said they support the notion of having at least one government securities regulator representative appointed to sit on the new governing board, and believe it would ultimately bolster public confidence in the new SRO.

“Given the significant responsibility of SROs in performing front-line regulation of advisory firms that provide advice, products and services to investors, it is no surprise that Canadians want a future SRO model that reflects appropriate investor protection, including strengthened accountability and governance. A truly modern and forward looking SRO must reduce regulatory complexity, be investor focused and ultimately, pursue the public interest over all other interests,” said Mark Gordon, MFDA President and CEO.

The national public opinion poll was conducted by Maru/Blue with a sample of 2,000 Canadians that have a mutual fund or investment account. The sample was balanced to represent the entire Canadian retail investor population. The survey was conducted between July and August 2020. Detailed data tables are available.

About the MFDA

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 81,000 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.

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