: Debra A. McFadden - Submission

Dear Expert Panel Committee Members,

Millions of Canadian families like mine are working hard to build and grow their savings.

Planning for a secure financial future often involves complex financial decisions, so many of us have to seek out investment professionals for guidance. We should be able to trust this person to put our interests first. But loopholes in the current suitability rules make it too easy for those in the financial advice giving industry to take advantage of hard-working Canadians and line their own pockets with our savings.

Last year alone, hidden fees, unnecessary risk and bad investment advice robbed Canadians of billions of dollars. This is just not right!

People who give financial advice should be legally required to work in our best interest and held to the highest legal standard. They want to be recognized as professionals and should have the requisite skill and knowledge but equally importantly the professional accountability that comes with the responsibility we are entrusting them with.  They should be helping everyday Canadians choose the best investments for us, our families, and our future -- not just the ones that make them richer!

A clear fiduciary responsibility will ensure that all financial professionals who offer investment advice make recommendations designed to serve the best interests of consumers by keeping costs low, recommending sound investments, and most importantly protecting retirement nest eggs from unnecessary risks.

I urge you to take action now to make financial advice givers fiduciaries. Canadians who've worked hard to save, deserve peace of mind about their future financial security.

Sincerely,

Debra A. McFadden