New legislation in Ontario is expected to improve financial service regulators’ ability to collect fines levied against unscrupulous advisers, but an investor advocacy group says the majority of rule-breaking advisers will still likely never pay.

Ontario Finance Minister Charles Sousa announced Friday that self-regulating bodies in the investment industry — such as the Mutual Fund Dealers Association of Canada and the Investment Industry Regulatory Organization of Canada — would be allowed to file their fine decisions with a court, making them immediately enforceable.

By enabling regulators to better collect fines, that will “deter potential offenders from wrongdoing in the first place” and “strengthen investor protection,” Sousa said in a speech.

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Chronicle Herald – March 31, 2017.

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