Broke

Going for Broke (video)

Paula Todd investigates how investors can lose their life savings at the hands of brokers at respected bank-owned brokerage firms


Todd:

How would you characterize the problems in the regulation of the securities business right now?

Flaherty:

Too complicated.  Too expensive.  Too bureaucratic.  Overlap.  Inefficient.   Ineffective. 

All of those things.

Todd (commentary):

Flaherty has been trying to get the provinces and territories to agree on a new system of policing securities.

Flaherty:

Some have said that Canada’s enforcement is an embarrassment, internationally.  That may be putting it a bit strong.

Todd:

How would you put it?

Flaherty:

Umm.. it’s close to an embarrassment, certainly.

Todd (commentary):

Flaherty favours a kind of court system for investors.  One stop, where everyone could go to sort out their problems.

Flaherty:

I think we have to make sure that this is a system that not only has strong rules, but strong enforcement, that’s independent.

Todd:

Independent of the investment industry?

Flaherty:

Yes. Yes, oh yes.

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