OSC appointments come as regulators face growing pressure to strengthen complaint resolution, dealer oversight and safeguards for retail investors
The Ontario Securities Commission (OSC) has appointed a new chair and three members to its Investor Advisory Panel (IAP). They bring expertise in finance, securities law and financial planning to the body advising the regulator on retail investor protection.
Rozanne Reszel, former president and CEO of the Canadian Investor Protection Fund, will assume as chair on November 1, succeeding James (Jim) Sinclair.
Meanwhile, the three new members are:
- Stephen Foerster: A finance professor at Western University’s Ivey Business School, specialising in financial management, portfolio management and corporate finance
- Michael Holder: A legal and regulatory professional with experience in securities law, compliance risk management and capital markets regulation
- Tashia Batstone: President and CEO of FP Canada, with experience in professional regulation, public policy, governance and financial planning
Foerster and Holder will begin their two-year terms on November 5, 2026, while Batstone’s appointment will take effect on January 4, 2027.
OSC broadens capital markets consultation
The new appointments come as the OSC expands its engagement with industry participants through separate advisory bodies.
In September, the regulator announced the inaugural members of its Capital Markets Advisory Committee. The committee brings together expertise spanning asset management, private equity, investment banking, public issuers, market infrastructure and regulatory affairs.
While that committee provides strategic input on developments affecting Ontario’s capital markets, the IAP focuses specifically on retail investor perspectives.
The two bodies reflect the regulator’s efforts to consider both industry developments and investor interests as it develops policy and regulatory initiatives.
With Reszel taking over as chair and the new members joining over the coming months, the IAP will continue advising the OSC on issues affecting individual investors and the broader investment scene.
Investor protection remains a priority
The IAP advises the OSC on proposed rules, policies and other initiatives affecting retail investors. Its recommendations can influence regulatory discussions on issues relevant to financial advisors, investment dealers and firms serving individual clients.
In its recent recommendations, the panel called for stronger investor safeguards. These include binding decision-making authority for the Ombudsman for Banking Services and Investments (OBSI), tighter oversight of bank-affiliated mutual fund dealers, and improved compliance with Client Focused Reforms.
The proposals, outlined in the panel’s call for stronger OBSI authority and tighter dealer oversight, could have implications for how firms handle complaints, assess product suitability and manage conflicts of interest.
The panel has also raised concerns about emerging technologies. It highlighted the need to ensure that investors understand the risks associated with increasingly complex financial products and digital services.
Dispute resolution under scrutiny
Investor complaint handling remains another important area of regulatory attention. Canadian securities regulators have been examining reforms to OBSI, which handles eligible investment-related complaints and recommends compensation when it finds that a client has suffered financial harm.
An independent evaluation of OBSI has added to discussions about strengthening the dispute-resolution framework, including whether compensation decisions should become binding.
As detailed in coverage of Canada’s progress towards binding investor dispute resolution, the proposed changes could affect how financial firms respond to client complaints and resolve disputes.
For advisors and dealers, the debate reinforces the importance of maintaining clear records, making suitable recommendations, and communicating investment risks and fees transparently.
