Nobody in Canada tracks how often non-disclosure agreements are used, and as a result it is difficult for outside observers to know when financial services companies have faced allegations of misconduct
Canada’s investor protection framework has long had a reputation for being weak and not particularly well-enforced. Investors are still often paying excessively high fees and hidden charges on investment funds. Advisers are often under no legal obligation to act in their clients’ best interest. And even when an investor has been harmed by their investment dealer, there is no binding dispute resolution system to ensure their losses will be recovered.
As part of the settlement process, she had to pledge confidentiality. Because of this, the name of the firm and the identity of the adviser remained secret. “These agreements are designed to help shield financial institutions from access to justice by other victims of the same misconduct,” said Paul Bates, a civil litigation lawyer and former member of the Ontario Securities Commission’s Investor Advisory Panel. Often, he said, they are signed “without independent legal advice, or out of necessity, not desire or willingness.”NDAs in other areas of law are already under legal scrutiny.
“Maintaining confidentiality through a non-disclosure term in the settlement agreement is a standard part of the process in many industries,” said Mathieu Labrèche, a spokesperson for the Canadian Bankers Association.
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