Wealth Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Wealth Professional | 26 Apr 2016, 09:13 AM Agree 0
Lack of payment from financial advisors and firms deemed a “national disgrace” in Canada
  • Mark | 26 Apr 2016, 10:19 AM Agree 0
    These penalties need to be enforceable by law ..... and one with some teeth in it.
  • Barb Amsden | 26 Apr 2016, 10:54 AM Agree 0
    It would be helpful to know over what period this was (one says 2005-15, the others don't but I will go to the report). More importantly - the significant majority of these appear to be from firms regulated by the commissions. The issue needs to be dealt with, clearly, but let's do a risk-based focus shall we?
  • Meredith Swanson | 26 Apr 2016, 11:35 AM Agree 0
    It seems to me that the organizations that are meant to protect the investor need an even higher organization to monitor them. They keep coming up with more and more regulations that mean advisors are put under ever increasing scrutiny which in the end does nothing if the penalties are ignored
  • Ken MacCoy, CHS | 26 Apr 2016, 12:04 PM Agree 0
  • Sandra | 26 Apr 2016, 12:48 PM Agree 0
    From my personal experience the regulators are failing to properly do their jobs because of corporate influence which is why Canada should have a National Securities Regulator. I reported wrongdoing to the Alberta Securities Commission (ASC) along with evidence supporting my complaint but because of the profile of one or more of the individuals involved my complaint was dismissed. Since then these same individuals have been able to continue unjustly enriching themselves because they were willing and able to breach securities laws and the ASC did nothing. Essentially most of these cases involve some type of fraud and since fraud is a criminal offence these individuals need to be held criminally accountable rather than being sanctioned by the regulator which does nothing to deter further wrongdoing. Furthermore, any money collected should be used to compensate the victim not awarded to the regulator.
  • Jackie | 01 May 2016, 11:33 AM Agree 0
    If fines are not paid within 60 days, the debt should automatically be forwarded to Revenue Canada for collection.
Post a reply