**Of interest the total amount of those earning over $100,000 in our Legislative Assembly in Ontario $19,562,584.40 compared to the Ontario Securities Commission.$52,470,323.50
It remains to be seen what the FCAC can actually enforce since banking seems to be a virtual vacuum of conduct rules.
In Oct 2016 glowing report of the banks. Even if now they wake up and do something their maximum fine is $500,000 and if they find them to be serious allegations they can name them. $500,000 is a pittance to these banks whose profits are in the billions and naming and shaming well we all know how well that works.Apparently they can't do much. In 2015 and 2016 $0 fines imposed.
Securities Commissions in Canada are thus participating in a game of BUYER BEWARE for all Canadian investors, whilst themselves getting paid millions of dollars from investment industry players...to play their game.
The current regulators are allowing the industry to deceive the Canadian public.
almost one billion dollars worth!
Sheesh! I thought our banks were just a tad better than Future Shop....)
misleads people into believing it is the same as Adviser and that their Advisor has a fiduciary duty and will look after their best interests.
The regulators allow marketing that reinforces this misconception.
,,, almost one billion dollars woirth!the majority of finse are never collected
They often proclaim there is not sufficient evidence of rule breaching or simply provide a warning letter to the perpetrator and do nothing to help the victim gain restitution.investigations are a joke. The investigators are on the side pf the perpetrator.
I agree that to aloow this bunch of rogues to create a national regulator would be of little or no benefit to investors. It would in all probability perpetuate the deception that exists today.
The Government must create a new Investor Protection Agency or a national auditor with legislation that provides the power for oversight to ensure that the welfare of Canadian investors is protected.
in Canada, not counting the industry's own rules, codes and principles violated. [url] http://www.crimes-of-persuasion.com/law ... l_laws.htmAguably, up to eleven (11) of the rules or laws within this link can be found to be flaunted daily, in an effort to mislead investors
13 Provincial Securities Commissions complicit in a heartbreaking failure to protect 30 million Canadians financial well being:
Financial Advisor, as you noted, is a common title which many persons use, whether they are registered under securities legislation or not.
We do not prescribe specific titles to be used by those persons who are either dealing or advising in securities. Most securities legislation requires that an individual who holds themselves out as being registered to in fact be registered and to indicate the actual category of registration.
(a former investment seller)Imagine working in an industry that needs to lie to the customer ......to earn their trust.
Nearly 100% of retail investment salespersons are illegally misrepresenting themselves to the public as "advisor", which is a license and registration category that virtually none of them hold. The deception, or concealment of ones true license allows millions of unsuspecting investors to be duped into a false sense of trust and vulnerability, which creates conditions where the salespersons can then sell them higher cost, lesser performing, or third rate investments to maximize profits to the salesperson and the dealer. Billion dollar corporations should not be allowed to skirt laws and to deceive investors. Securities Commissions allow this to occur daily, to millions of Canadians.Failure to enforce the laws of the province, as dictated by the Securities Act.
"Exempting" the laws of each province for investment corporations without warning, without notice, without public notice or public interest disclosure.
uncollected fines against investment dealers and sellers in Canada amount to $899 Million dollars.
"how much were the financial harms to Canadians for the infractions?"
, perhaps a shake up. ** The $25 Billion Dollar Pension Haircut, University of Toronto, 2007 https://docs.google.com/file/d/0BzE_LMPDi9UOYTJiY2NmMDEtM2Y4ZS00OTBjLWE3ZjUtNGYxODAzZjkyOTkw/editIf the Canadian people, and as a result the Canadian economy, is being harvested of it's wealth by $500 million to $1 billion WEEKLY, it is time that the financial police forces of this nation received a gentle wake up
. Deception of the client is nearly 100% complete and successful.The industry has been hard at work setting the stage for a new client obfuscation effort, which is known by the acronym CRM2 (CRIME2)
(Check) (use of a non legal word “advisor” to deceive investors into belief they have the legal “adviser”)1. It MUST hide from the public the exact license and registration category of the so-called professional, so that the public can be mis-informed about the legal protective-duty owed to clients.
(Check) (use cognitive dissonance to allow investors to "fool themselves”) (No one knows that "advisor" does not means the same as "adviser” under securities law, thanks TO CRM2)2. It must DISTRACT and DECEIVE the public in a manner so subtle that the average person will deny that something such as this is possible in a country like Canada.
(Check) (Any real estate salesperson MUST DISCLOSE dual-agency or split-loyalties to clients…..but investment salespersons hide this from millions of consumers…thanks to CRM2)3. Hide concepts such as “agency-duty”, or “agency-disclosure” from CRM2 so that the question is never asked who the “dealing representative” truly represents.
(Check) (Go to the CSA Securities Registration Search page, type in your “advisor’s” name and see to find out what their exact registration category is……then see if you can find out what that license (“dealing representative”) means. (Dealing Representative means they represent the dealer, not the client:) CRM2 hides this essential information from investment clients.4. Complicate the license-search page so the average investor can not find if their investment representative is licensed in the category they claim.
(Check) (IFIC, IIROC, MFDA, etc., are all 100% industry paid, and are counted on to ensure that the investment industry can harvest as much revenue as possible from the public, without recourse)5. Use “self” regulators to pretend as if they are organizations protective of the public interest.
(Check) (Financial capture of a near-financially-bankrupt media ensures that only one side of the story will be “reported” to the public)6. Buy 8-page financial literacy inserts in “business” newspapers **so that the advertising revenues to those agencies will “offset” any interest in reporting on the “obfuscation games”.
(Check) (consumers have no idea they are being deceived)7. Let the public be fooled by a new and improved “consumer protection" label, while concealing that it is “industry protection”.
. Thanks to CRM2, banks and investment dealers have succeeded in fooling all of their clients, all of the time.” It is PRIME TIME for Systemic CRIME…“It is easier to fool a man, than to convince him that he has been fooled”
Views and opinions expressed in this feature are those of the individuals quoted and not The Globe and Mail.This Globe Connect sponsor content feature was prepared by RandallAnthony Communications Inc. in conjunction with the advertising department of The Globe and Mail. The Globe’s editorial department was not involved in its creation.
"...by ensuring those who operate in this market comply with Alberta Securities Laws. The ASC works to provide protection to Alberta investors..."
"last year, Alberta-based issuers raised approximately $11.6 Billion ......by relying on exemptions from the Securities Act of Alberta"
, according to a U.S. securities law expert commissioned to advise the federal government.The lack of a single securities regulator in Canada costs the economy as much as $10 billion and 65,000 jobs a year
they feel the Canadian system, which has 13 provincial and territorial agencies that monitor the industry, leads to less reliable enforcement of public companies and can lead to poorer corporate governance.
the OSC is helping to "head fake" the public into a false sense of trust and reliance……upon people who are hiding their true duty, license and motivations….
however, the even more helpful tool would today be an KYA form, or a "know your Advisor" statement of facts and information for the benefit and education of the client.
….as well as a person who is hugely incentivized by the dealer who sponsors their license (as a "dealing" representative) to NOT place the best interests of the client as priority.As it stands, I am of the opinion, that the greatest risk today for an investor is the risk that they will be led into a false sense of trust and reliance, with a person who does not have to place their interests first,
I feel that this is a facade-step in the correct direction, (a head fake if you will allow the sports analogy) while being intentionally misleading and harmful to the interests of the client.
and to use anything the client reveals in a manner against them. I believe this form should come with a "Miranda rights" warning:to prepare, in advance, the case which would prevent the client getting a fair, honest or good faith result in any dispute,
"anything you tell your broker in this particular questionnaire, can and will be used against you if you ever enter into a dispute with your "advisor".
We need a KYFA Form. (Know Your Fake Advisor)
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