My opinion is that the main fault with the regulatory system is that it's set up based on prescriptive rules, and this can be quite onerous but still ineffective in protecting investors. To me, there's a fundamental lack of the sense of right and wrong. In our court system, the judges follow the law, and you see some decisions that seem wrong—morally wrong at least, but maybe correct in accordance with the law. The Ontario Bar Association admits that the justice system doesn't mete out justice.
What we feel is needed is a change in the fundamental way we approach regulation. We should be talking about right and wrong. To me, it's fundamentally wrong to destroy a senior's savings, to put them into unsuitable products, when in many cases under the mattress would be all they need. They have enough money, but they end up losing the majority of it because they've been put into principal-protected notes or business income trusts or even some mutual funds that are quite toxic, which seniors should not be invested in.
Somehow I think we have to get the idea across that the financial services industry has a fiduciary responsibility, and if there is a court case...and court cases are not very suitable, because they take too long. We need something that gives a timely resolution, in two to three years. You can't have an 80-year-old spend ten years going through court. Somebody has to step up and say that we need a way to resolve these disputes quickly.