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Wealth Professional | 06 Jun 2016, 08:15 AM Agree 0
Senior investors are often the targets of fraudulent or exploitative investment methods. Now, a new committee looks to protect their assets and interests
  • Alan Blanes | 07 Jun 2016, 05:21 PM Agree 0
    I agree with Mr. Kivenko's comment - and I feel that it is going to become essential that there be a mass education drive to get communities aware of what standards of business practice are essential - and need to be demanded at all levels.

    I am proposing an education drive to get everyone in Canada familiar with the Covenant on Economic, Social and Cultural Rights. This is something that Parliament ratified in 1976. It upholds the principle of economic self-determination. If this Covenant were to be fully acculturated in Canada, it would become clear immediately that schemes to de-regulate investment dealers, and to allow "self-regulation" - something billed as "getting the industry to police itself", is an ironic falsity. Instead what the de-regulated industry tribunals are doing rather than policing the industry, is saying "we're keeping this file closed." Despite evidence of 1) brokerages being convicted to failing to supervise their offices - and then thinking it is perfectly OK to brush off losses including legal fees of $78,000 to a client who was able to fully document his grievance. 2) Our largest national broker pretending to have GICs and then putting the client's funds in volatile seg funds. This ostensibly prestigious dealer then proceeded to lie about the quality of the client's memory - denying that he ever contracted for GICs. When this client went to BC Supreme Court, he was able to get disclosure of the contract. Instead of the "regulators" wanting to insure that good faith be honoured, there policy as "we will keep this file closed."
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