Fairness Over Frills: Investors Demand Protection, Not More Products

TORONTO, ON – June 25, 2026 – In the relentless pursuit of financial innovation, a critical question often goes unasked: What do investors actually want? A landmark new study suggests the answer is profoundly simple, and it stands in stark contrast to the industry's prevailing direction. New national research released today by the investor advocacy group FAIR Canada reveals that Canadian retail investors overwhelmingly prioritize fair treatment, effective oversight, and qualified advice over access to new or innovative products.

These findings arrive at a pivotal moment, as Canadian securities regulators actively consider proposals to expand retail investor access to private and exempt markets—arenas traditionally reserved for institutional and high-net-worth players due to their complexity and higher risk. The report, titled "Retail Investor Priorities," serves as a crucial reality check, exposing a deep disconnect between the priorities of everyday investors and the policy trajectory of the bodies meant to protect them.

A Clear Mandate: Get the Basics Right

The data, compiled from a national survey of 1,500 retail investors, is unequivocal. When asked to rank their priorities for the regulatory system, 56% of investors placed "being treated fairly" in their top three. This was closely followed by "effective regulatory compliance" (53%) and ensuring advisors are properly qualified (49%). These foundational pillars of a trustworthy financial system far outweighed any appetite for novelty.

By stark contrast, "innovation" was a top-three priority for only 21% of respondents, while access to "new product development" languished at the bottom, prioritized by a mere 13%. This sentiment holds true across different investor types, including those who use advisors, those who invest on their own, and those who use a hybrid approach. The message is clear: before investors are offered more complex ways to invest their money, they want assurance that the fundamental safeguards are firmly in place.

"As policymakers consider expanding retail access to private and exempt market investments, these findings provide important insight into what investors really want from the system," stated Jean‑Paul Bureaud, CEO of FAIR Canada, in the press release. "Most are not prioritizing more products. They are asking to be treated fairly and to know that someone is making sure they are."

This desire for safety over selection is further reinforced by another key finding: a majority of investors (51%) support restrictions on higher-risk or complex investments, compared to 43% who oppose them. In an era where volatile crypto assets and opaque private equity products are increasingly marketed to the masses, it appears investors themselves are expressing a healthy dose of caution, intuitively recognizing the need for guardrails.

The System's Cracks: A Deficit in Trust and Awareness

Beyond product preferences, the research uncovers a more troubling reality about the state of investor protection in Canada. The system designed to safeguard investors is largely invisible or misunderstood by the very people it serves. Nearly one-third of investors (31%) are unsure if a regulator for financial investments even exists, and a scant 16% could correctly name one. This chasm in awareness poses a significant problem: if an investor feels they have been wronged, where do they turn for recourse when they don't know who is in charge?

This lack of awareness feeds into a palpable trust deficit. While most investors reported positive experiences with their financial advisors, the data reveals a lingering skepticism. A significant 28%—nearly three in ten—are either unsure or unconvinced that their advisor consistently puts their interests first. This is not an abstract concern; it is the direct result of a system where conflicts of interest can persist and where the consequences of unsuitable advice are well-documented.

Reports from bodies like the Ombudsman for Banking Services and Investments (OBSI) consistently detail complaints revolving around the very issues of fairness that investors prioritize: unsuitable recommendations, misrepresentation of risk, and disputes over fees. Likewise, enforcement actions from the Canadian Investment Regulatory Organization (CIRO) and provincial commissions frequently penalize firms and individuals for failing to meet their basic obligations. These systemic failures are the tangible manifestation of what investors are feeling, providing a powerful context for their demand for stronger compliance and oversight.

A Regulatory Crossroads: Innovation or Fortification?

FAIR Canada's report directly challenges the narrative that expanding access to private and exempt market products is a form of "democratization." While proponents argue such moves offer diversification and higher returns, this research suggests the push may be driven more by industry supply than investor demand. The investor advocacy organization has previously raised alarms about this trend, noting in submissions to the Ontario Securities Commission that it was "troubled by the focus on exposing retail investors to long-term, illiquid, private market assets."

The current findings give this advocacy a powerful new mandate, grounded in the expressed wishes of investors themselves. The call to action is for a fundamental re-evaluation of regulatory priorities. Rather than channeling resources into creating frameworks for riskier products, regulators are being urged to double down on the basics.

"If investors place this much weight on fair treatment and oversight, then regulatory priorities should be assessed to determine whether they are actually delivering these outcomes," Bureaud emphasized. "We're calling on securities regulators and self-regulatory organizations to prioritize policies that strengthen fair treatment in practice. This includes improving compliance and supervision to reinforce obligations to act fairly."

Strengthening these foundations means ensuring that the Best Interest Standard is not just a rule on paper but a lived reality in every client-advisor relationship. It means enhancing fee transparency so investors understand what they are paying for. And it means robust supervision to ensure that as the world of DIY investing grows, the platforms and products offered are suitable and the risks are made unequivocally clear.

The research from FAIR Canada is more than a collection of statistics; it is a clear-throated message from Main Street to Bay Street and to the regulatory bodies that govern it. The industry's obsession with innovation appears to be a solution in search of a problem investors don't believe they have. For the people whose life savings are on the line, the most valuable innovations are not new products, but new assurances of fairness, transparency, and trust.