Mr. Speaker, my colleague across the way is from British Columbia, as I am. I know that he will be well aware of many of the scams and frauds that have been perpetrated on the people of British Columbia and across the country out of the Vancouver stock exchange.
I want to ask the member about improvements to the regulatory system. It is not enough, in my view, just to have prescriptive rules when the industry continues to circumvent those rules and continues to develop new products that can be changed faster than any legislative body can change the rules. I believe what we need is not just regulations but effective protection for the investors. We need whistleblower protection for employees in the industry who want to come forward and report unethical practices by some companies and know that they will not suffer retribution. Finally, what we really need is real punishment, some effective methods put in place to ensure that the unethical companies and people in the financial industry, some of whom are unethical, receive punishment for the frauds they perpetrate on the Canadian people.
I ask the hon. member for West Vancouver—Sunshine Coast—Sea to Sky Country to respond to those specific issues that I raised.