Page 5 - ஆஂபட்ஸ்மந் க்கு வங்கி சேவைகள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana
South Africa gets super ombud
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Minister Tito Mboweni appoints Ombud Council Board and Chief Ombud for the Council
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James Langton
The rise in retail investing, particularly self-directed online investing, is raising a red flag with regulators about the foreign exchange (FX) fees being charged by online brokers.
Speaking at a virtual event hosted by the Canadian Club of Toronto on Wednesday, the chair and CEO of the Ontario Securities Commission (OSC), Grant Vingoe, indicated that the regulator is looking into the FX fees being charged to retail investors.
Vingoe noted that, while the surge in commission-free retail investing in the U.S. is funded by brokers receiving payment for order flow (a practice that’s prohibited in Canada), low-cost trading by Canadian investors is subsidized by FX fees and that’s raising concerns with regulators.
James Langton
The rise in retail investing, particularly self-directed online investing, is raising a red flag with regulators about the foreign exchange (FX) fees being charged by online brokers.
Speaking at a virtual event hosted by the Canadian Club of Toronto on Wednesday, the chair and CEO of the Ontario Securities Commission (OSC), Grant Vingoe, indicated that the regulator is looking into the FX fees being charged to retail investors.
Vingoe noted that, while the surge in commission-free retail investing in the U.S. is funded by brokers receiving payment for order flow (a practice that’s prohibited in Canada), low-cost trading by Canadian investors is subsidized by FX fees and that’s raising concerns with regulators.
“We define a vulnerable consumer as someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a bank is not acting with appropriate levels of care,” says banking ombudsman Reana Steyn. Factors that determine whether you are a vulnerable consumer include your age, life events (such a death, divorce, retrenchment or crime perpetrated against you), literacy levels and physical disabilities.
A case study in the banking ombud’s annual report for 2020 ties in with the vulnerable consumer policy. The 78-year-old complainant fell victim to fraud to the amount of R6,765.63 and immediately reported it to his bank.
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