While a uniform standards may force some advisors out of the industry, McKinnon thinks that would be “a good thing.” “There are a lot of people, as we know from all the scams that go on, that shouldn’t be in this industry,”
Interested parties -- including investor advocacy groups, industry associations and financial firms – have been seeking clarity on when possible rules may come into force. However, the OSC said that its goals for fiscal 2013-14 were clearly stated and did not imply that new regulations would be established in the period.
“A number of commenters requested the OSC to provide more precise details on the planned timing for specific priorities,” it said. “The priorities do not have timelines because it is implicit that deliverables (e.g. publish a paper, hold roundtables) identified in our plan for 2013-2014 are to be achieved in that timeframe.”