I don't know that we necessarily need a separation, but we need independent protection and independent eyesight on the behaviours that banks undertake with regard to investment customers because we're dealing with Canadians' life savings.
If the professor at the University of Toronto is correct that it's a 3.8% harvest or additional gouge of investor savings.... Canadians have $1 trillion in mutual funds. If the banks are allowed to take 3.8% from that, or even 2% if the numbers were too high, 2% cuts every Canadian's retirement in half. Two per cent compounded over a 35-year period cuts every Canadian's lifestyle in half during retirement. Dr. Ambachtsheer's numbers said that mutual fund costs in 2007 were 3.8% higher. It's draining society at the retirement level.