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
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Todd: |
How would you characterize the problems in the regulation of the securities business right now? |
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Flaherty: |
Too complicated. Too expensive. Too bureaucratic. Overlap. Inefficient. Ineffective. All of those things. |
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Todd (commentary): |
Flaherty has been trying to get the provinces and territories to agree on a new system of policing securities. |
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Flaherty: |
Some have said that Canada’s enforcement is an embarrassment, internationally. That may be putting it a bit strong. |
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Todd: |
How would you put it? |
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Flaherty: |
Umm.. it’s close to an embarrassment, certainly. |
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Todd (commentary): |
Flaherty favours a kind of court system for investors. One stop, where everyone could go to sort out their problems. |
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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. |
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Todd: |
Independent of the investment industry? |
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Flaherty: |
Yes. Yes, oh yes. |