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Ontario Securites Commision - Investor offices
Investor News
August 19, 2019
Improving fee disclosure through behavioural insights

This morning we published a new behavioural insights study that aims to identify ways to improve the experience investors have when they receive fee disclosure documents.

Improving fee disclosure through behavioural insights (OSC Staff Notice 11-787) identifies behaviourally-informed tactics for designing more effective investment fee disclosures. The report from the Ontario Securities Commission (OSC) Investor Office focuses on the annual reports on charges and other compensation (annual fee reports) investors receive, and identifies 24 tactics for making these reports more engaging and easier to understand and act on for investors. Read the full study

Many investors underestimate the impact of fees over time

In the report, the possible tactics the investment industry can use to improve the investor experience are grouped around the following key barriers to investors using annual fee reports as intended:

  1. Barriers to engagement: Investors may not notice or recognize the importance of their annual fee report amid the various other disclosures provided to them.
  2. Barriers to comprehension: Investors may be confused by the terminology and information included in their annual fee report. They may not understand which fees are included (and which are excluded) from the report, and lack reference points to determine whether their fees are higher or lower than the norm.
  3. Barriers to action: Even if investors see and understand the report, they may not know how to act on the information it provides.

Read the full study

Complex language can quickly confuse investors

Behavioural insights reveals the challenges people face engaging with financial disclosures: literacy or language challenges, innumeracy, and low familiarity with specialized concepts and terminology used in the investment sector can impede individuals’ understanding and use of these disclosures. Plain language and attention to disclosure design can place investors in a better position to make informed decisions about their finances. Read the full study

Click here for more Investor Office research reports. Learn what we’ve found about the knowledge, skills and behaviours of Canadians related to money topics.

Investment Performance and the Cost of Advice

How are your investments performing? How much are you paying in fees? As part of a regulatory initiative called CRM2, short for Client Relationship Model 2, you should be receiving detailed information at least once a year that shows how your investments have performed over time as well as detailed information that shows, in dollar terms, the fees paid to your investment firm for their services and advice.

Our microsite,, can help you understand these two new reports. Take a moment to understand what these reports are telling you about your investment accounts. As always, ask questions if something isn't clear or if you have concerns. Learn more

OSC Statement of Priorities

OSC Statement of Priorities

The OSC has published its 2019-2020 Statement of Priorities, which sets out the 18 priority areas where the OSC intends to focus resources and actions over the coming fiscal year, as well as the expected outcomes. Read the Statement of Priorities

OSC Seniors Strategy Update

OSC Seniors Strategy Update

We continue to implement our Seniors Strategy (OSC Staff Notice 11-779) which outlines new initiatives to respond to the needs and priorities of older Ontarians and better equip registered firms and representatives to address issues that may arise as their clients age. To date, we have completed initiatives or made significant progress in these areas: policy actions, operational changes, research, and education and outreach. Read the update

Personal Information Inventory

Personal Information Inventory

As featured in the Globe and Mail's Carrick on Money, our new Personal Information Inventory document is now available for download. It can help a trusted contact locate your personal and financial accounts, and other records, in the event that you are unable to provide guidance. Learn more

Fee Calculator

Fee Calculator

Do you know the impact of fees on your investment returns? Every investment has a cost. Common types of fees include fund management fees, advisory fees, transactions fees or custodian fees.

Use our new Fee Calculator to estimate how these fees could impact your investment returns over time.

Volatility in the Stock Market

Volatility in the Stock Market

Recent losses in the stock market has put some investors on edge. Stocks and other investments can experience volatility (prices fluctuating up and down) from uncertainty or risks due to economic, political and other developments. Our Interactive Investing Chart visualizes the price trends of stocks and other investments since 1935, and a closer look shows that while there are periods of ups and downs, prices trend upward in the long run.

It’s also natural to be nervous when markets are volatile, and you may even be tempted to start selling out of fear. A well-defined investment plan is important because it can give you a clearer understanding of your financial goals and guide you on what steps to take for navigating market volatility. We've also put together these 4 tips for dealing with market volatility to help you.  

Behavioural Insights

Behavioural Insights

Do you only invest in GICs or a handful of stocks because you feel unfamiliar with other investment choices? Are you drawn to Canadian stocks because they're from the country you know best? It’s understandable to be anxious about the unfamiliar, but taking the time to learn more about different investments may help reduce that stress. Familiarity bias could be having a negative impact on your investing goals.

Behavioural insights recognize how people actually behave in the real world versus traditional economic and market theory of people as rational actors. Learn more about behavioural insights and how we can use it to improve the investor experience by visiting our Behavioural Insights hub.

Check Before You Invest

Check Before You Invest

Always check the registration of any person or business trying to sell you an investment or give you investment advice. Registration helps protect investors from unqualified or fraudulent investment professionals. Watch our series of short Check Before You Invest animations back-to-back at this link.

Visit to search for the name of a person or business.

Investing As We Age

Investing As We Age

In our Investing As We Age research study, we noted that many Ontarians could be overestimating their ability to finance their retirement using their homes. We found that nearly half (45 per cent) of pre-retired Ontario homeowners are relying on the value of their home increasing to fund their retirement. Homeowners without any retirement savings or plan are among those most likely to be counting on the continued appreciation of their home.

Are you ready for retirement?
Mortgage Payment Calculator

Mortgage Payment Calculator

Buying a home is the most expensive purchase many of us will ever make in our life. Can you afford to make mortgage payments without being house-poor?

Use our new Mortgage Payment Calculator to estimate your mortgage payment amount, the impact of making extra payments and the balance remaining at the end of your mortgage term. The available amortization schedule will also help you understand the principal and interest portions of each mortgage payment.

Guidance on Climate Change-related Disclosure

Guidance on Climate Change-related Disclosure

The Canadian Securities Administrators (CSA), which includes the OSC, recently published CSA Staff Notice 51-358 Reporting of Climate Change-related Risks, which is intended to assist companies in identifying and improving their disclosure of material risks posed by climate change.

The notice clarifies existing legal requirements and does not create any new ones. CSA Staff Notice 51-333 continues to provide guidance to issuers on existing continuous disclosure requirements relating to a broad range of environmental matters, including climate change. Learn more

OBSI Report on Seniors' Financial Complaints

OBSI Report on Seniors' Financial Complaints

The Ombudsman for Banking Services and Investments (OBSI) recently released its first-ever Seniors Report, documenting the experiences of seniors using its services. The report showed that older Canadians are more likely than younger Canadians to file complaints relating to investment issues. Seniors’ investment-related complaints related predominantly to mutual funds and common shares, and their complaints mostly focus on the advice that they received when making these investments.

OBSI is a national, independent and not-for-profit organization that helps resolve and reduce disputes between consumers and financial services firms in both official languages.




Always know the 10 most recent OSC investor warnings and alerts by bookmarking this Fact Card or embedding it on your website or blog.


Convicted Fraudster Neil Suresh Chandran

The OSC is warning Ontario investors not to invest with Neil Suresh Chandran, who is permanently banned from trading securities in Ontario, and has been convicted of securities fraud in the United States. Learn more


RTG Direct Trading Group

The OSC is warning Ontarians about a scheme targeting former investors of RTG Direct Trading Group (RTG), which previously operated a binary options scam. Binary options trading is now banned in Ontario and many other Canadian provinces. Learn more


FSM Smart Ltd.

The OSC is warning investors that FSM Smart Ltd. is not registered in Ontario to solicit investments, provide brokerage services or offer advice on investing in, buying, or selling securities or commodities. Learn more


IOSCO Investor Alerts

Stay informed about the latest international investor warnings and alerts by visiting the International Organization of Securities Commissions (IOSCO) Investor Alerts Portal.




OSC in the Community

OSC staff are taking the Commission's regulatory mandate from Bay Street to Main Street with seminars on preventing fraud and making informed investment decisions.

  • August 24, 2019 - Mississauga
  • September 9, 2019 - Mississauga
  • September 12, 2019 - Mississauga
  • September 17, 2019 - Holland Landing
  • September 17, 2019 - Orangeville
  • September 19, 2019 - Toronto (Scarborough)

Learn more

oscar - owl

Learn about these 7 common types of mutual funds.

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