Canada’s
patchwork of regulators allows wrongdoers to handle clients’
finances years after they’ve been permanently banned from the
securities industry.An Advisor.ca
investigation has identified nine cases between 2013 and 2015 where
reps were permanently banned by their SRO but remained authorized to
sell life insurance products for periods ranging from six months to
years after. Of those nine, six are still authorized to sell today
(June 14).
Read
the full report at
http://www.advisor.ca/news/industry-news/hidden-in-plain-sight-how-banned-iiroc-and-mfda-advisors-can-still-sell-insurance-207496
A
recent SIPA report showed how ineffective regulators were in
collecting the fines they impose. And OBSI's independent assessor
has just concluded that major changes are required at OBSI including
the need for it to have binding decision powers.
All
in all, one has to wonder just how robust investor protection is in
Canada.
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