TORONTO -- Ontario's finance minister says he will introduce legislation to allow financial services regulators to better collect fines, such as those levied against unscrupulous advisers.

Charles Sousa says self-regulatory bodies in the investment industry would be allowed to file their decisions with the court.

He says that will improve their ability both to collect outstanding fines and deter potential offenders from wrongdoing in the first place.

The Investment Industry Regulatory Organization of Canada says the legislation would strengthen investor protection and send a strong message to those who would abuse the trust of their clients.

"We applaud the Ontario Government and the Minister of Finance for the leadership in sending this important message: if you harm investors in this province you will be held accountable for your actions and pay the penalties, said IIROC president and CEO Andrew Kriegler said in a release. 

The organization says there are nearly $20 million in outstanding fines in Ontario dating back to 2008.

Senior advocacy organization CARP, which has called for the changes, says fines are a critical tool to discourage unethical behaviour such as embezzlement and pushing unsuitable high-risk investments, but a fine that cannot be collected is "meaningless."

-- With files from BNN