Osgoode Investor Protection Clinic and Living Lab
OUR PURPOSE
Osgoode’s Investor Protection Clinic and Living Lab (“IPC”), the first of its kind in Canada, provides pro-bono legal services to people who believe their investments were mishandled and cannot afford a lawyer. The IPC was founded by Osgoode Hall Law School in collaboration with FAIR Canada, a non-profit organization that champions the rights of individual investors in Canada through advocacy, education, and regulatory advancements.
The IPC has received seed and other funding from the Law Foundation of Ontario, two cy-prés awards, the Ontario Securities Commission (OSC), the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) (now merged as Canadian Investment Regulatory Organization (CIRO)). The IPC also receives support from Osgoode alumni and in-kind contributions from our pro-bono partner law firms and experts. The IPC is grateful to these organizations and individuals for their generous support.
The IPC has three primary purposes:
LEGAL SERVICES
Provide legal advice to people
who believe they have suffered an
investment loss because of someone
else’s wrongdoing or negligence.
RESEARCH
Act as a “Living Lab,” collecting
and analyzing research data in an
anonymized way to inform public
policy.
EDUCATION AND ENGAGEMENT
Develop investor education initiatives and educational resources through community outreach.
2024 - 2025 AT A GLANCE
Legal Services
From May 1, 2024, to April 30, 3025, the IPC received a total of 50 inquiries, of which:
40
intake interviews were conducted.
22
new files were opened with 5 closed by April 30, 2025.
12
demand letters, 2 complaint letters, 1 Ombudsman for Banking Services (OBSI) complaint, 2 negotiated settlements, and 2 Small Claims Court actions.
Research
Key data points from the 40 intake interviews:
(43.7%)
involved clients who are 50 years old or older,
(3.1%)
involved unsuitable advice by registered representatives,
(43.8%)
involved fraud or scam, and
(21.9%)
involved do-it-yourself (DIY) investors.
The Living Lab is collecting and analyzing this and other data for research purposes.
Education and Engagement
The IPC published a comment letter in response to the OSC’s Proposed Rule and Proposed Companion Policy that would establish a process for distributing funds received by the OSC under disgorgement orders to harmed investors. (October 3, 2024)
For more details, see the IPC’s Winter 2025 Newsletter.
The IPC published a comment letter regarding CIRO’s Phase II Proposal that establishes a process to return funds
disgorged and collected through CIRO disciplinary proceedings to harmed investors. (January 20, 2025)
The IPC published a comment letter on CIRO’s Proposal to Modernize the CIRO Arbitration Program by enhancing retail
investors’ access to a fair, efficient, and affordable dispute resolution process. (January 30, 2025)
The IPC published a comment letter advocating for investor protection safeguards in response to the OSC’s Consultation Paper that proposed offering investment opportunities in long-term illiquid assets to retail investors through an investment fund structure. (February 6, 2025)
IPC student caseworkers, Shirine Haghjou and Lina Kohandani, presented at the OSC's Investor Advisory Panel (AIP) meeting (March 24, 2025).
OUR WORK
Factors Considered in Selecting Files:
- Merits of an applicant’s complaint
- Whether a compliant fell within the scope of the IPC's mandate
- Financial needs of an applicant
- Adequate evidence and record keeping of communication
- Expiration of the limitation period
- Learning opportunity for the student caseworkers
- IPC capacity
File Work Included:
- Submitting complaints to regulators and law enforcement
- Preparing demand letters to investment firms and other opposing parties
- Submitting complaints to the OBSI
- Pursuing civil claims
- Assisting with settlements
- Determining the standard of care required for recommending an investment
- Educating clients on various complaint processes
- Investigating potential avenues for dispute resolution including alternatives to civil litigation
CLIENT DATA AND DEMOGRAPHICS*
Gender
Employment Status
Age
Investment Knowledge
* See all Client Data and Demographics in the PDF Annual Report available below.
"My experience at the IPC has been the highlight of my law school journey. It was a privilege to work alongside a team of intelligent, driven, and compassionate caseworkers, all under the guidance of exceptional mentors and supervising lawyers. Through hands-on, client-facing opportunities, I was able to develop practical skills in legal writing, advocacy, and communication that no classroom could replicate. Most importantly, I had the opportunity to serve the community in a meaningful way—by supporting harmed investors and helping them navigate investment-related legal challenges. This experience has deeply shaped both my professional growth and my commitment to client advocacy.”
— Rita Yang, 2024-2025 Caseworker