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Finance committee Mr. Chairman, I'm from the Small Investor Protection Association. I'll keep my comments short because I have made a submission to your committee. In August 2008 the Small Investor Protection Association made a submission entitled “Investor Protection Illusion” to this committee.
March 31st, 2009Committee meeting
Stan Buell
Finance committee Over the years, a number of people have been warning that there are problems with the regulatory system, and I had the great pleasure of accompanying Dr. Al Rosen to Ottawa in June of the year Minister Flaherty issued the income trust decision. That created great flak, but Dr. Ro
March 31st, 2009Committee meeting
Stan Buell
Finance committee 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 j
March 31st, 2009Committee meeting
Stan Buell
Finance committee Yes, I would confess that she is a member of our association. We have a number of people who are members of our association, but we feel that my voice alone is not enough, so these people speak out on specific topics. Ken Kivenko is our expert on mutual funds. We have a professor
March 31st, 2009Committee meeting
Stan Buell
Finance committee One of the problems we see is that we continue to refer to rules and regulations and mandates, but these are limited. That's why we say we need an authority that would be independent from industry to be responsible for investment protection. We think that's the solution.
March 31st, 2009Committee meeting
Stan Buell
Finance committee That's very good. I hear you loud and clear.
June 7th, 2017Committee meeting
Stan Buell
Finance committee Good afternoon. I will be brief. SIPA, or the Small Investor Protection Association, is incorporated as a national non-profit organization. We are fortunate to have the support of many volunteers who devote their time and energy to our work as we try to raise awareness among Can
June 7th, 2017Committee meeting
Stan Buell
Finance committee The problem I see is this sales culture is not what employees expect when they go to the bank. They feel they're providing a bank service that is good for clients, and I think most Canadians do trust the banks and financial institutions. However, the requirements of the positions
June 7th, 2017Committee meeting
Stan Buell
Finance committee Absolutely. What I'm hearing is the truth. This is what we said to the committee: you need to talk to the witnesses to discover the truth, because the good words of the regulators, really, those rules and regulations are not applied. The problem is they're basically selling fina
June 7th, 2017Committee meeting
Stan Buell
Finance committee We've recently looked at the FCAC, and we saw that they established rules and guidelines and then they told the banks to self-regulate. In our experience in talking to hundreds and hundreds of people, if you listen to what the people are saying, it's contrary to what you're read
June 7th, 2017Committee meeting
Stan Buell
Finance committee Yes, I'd like to make a general comment on investor education. As has been said, the industry is complex and the regulatory system is complex. There are myriad products out there, and really, people do need somebody to advise them. What we need is advisers who can be trusted. T
June 7th, 2017Committee meeting
Stan Buell
Finance committee That's absolutely correct.
June 7th, 2017Committee meeting
Stan Buell
Finance committee We have focused on the securities industry simply because most Canadians own mutual funds, and as Larry has pointed out, people are losing billions of dollars investing in mutual funds. The problem in Canada is that we don't have one single regulator. In Quebec, they're a bit c
June 7th, 2017Committee meeting
Stan Buell
Finance committee If the rules and regulations were followed and if the codes of ethics were adhered to, I would not see much of a problem. The problem I see is all that information is made available to the public, so they believe they can put their trust in these financial institutions. However
June 7th, 2017Committee meeting
Stan Buell
Finance committee Well, I'm not arguing against different silos for regulation. What I am saying is that I believe the Government of Canada should be responsible for the welfare of all Canadians. I feel they should have the responsibility to ensure that all Canadians are protected and that agency
June 7th, 2017Committee meeting
Stan Buell