Finance committee  I will. I'll quote my dear friend Debra McFadden, from LaSalle, Ontario, who says that a man cannot serve two masters, and what we have are regulators that are trying to serve two masters. They're trying to say they are protecting and fostering fair and efficient public markets a

Finance committee  Canadians are led to believe by advertising, marketing, promises, and every message out there that they should go to see a financial adviser and they should trust the advice of that adviser and if they have life-altering events, they should check with their financial adviser. The

Finance committee  Thank you. I'll be brief. Since 1984 I've never seen the FCAC name and shame anyone. In fact, until I had heard about this committee, I had never heard of the FCAC doing much of anything. The official banking ombudsman, OBSI, did name and shame companies, and they got their knuc

Finance committee  Yes, I would.

Finance committee  No, I don't know that I'm extremely familiar with what the FCAC is able to do. In response to that, however, I have not seen anything, from 1984 to 2017, nor including Monday's testimony, that gives me confidence that the FCAC, to answer your previous question, even understands

Finance committee  I would hope they would be, too.

Finance committee  I'd say the answer to that is if it's a systemic wrong, if it's being done, if there are hundreds of employees across an institution doing wrong with forgery, or wrongly signing people up to things, systemic issues in my view are never punished, because it's very profitable to si

Finance committee  I'll try, thank you. There is a number of regulators. When I made a documentary film in 2004, Breach of Trust. The Unique Violence of Systemic White Collar Crime, I researched how many regulators, self-regulators, ombudsmen, agency bodies there were. I found over 100 in Canada,

Finance committee  That's a good question. I think that makes my point. The ombudsman was giving recommendations that were fairly favourable and fair to clients on settlements, so Royal Bank and TD walked away, summarily firing the ombudsman and saying they will not deal with the ombudsman despit

Finance committee  It would be management, upper level sales managers, all the way up through the system, who all have bonuses and incentives depending on whether they're going to get sent on a trip or not, and regulators who pretend to protect Canadians when what they are doing is actually insulat

Finance committee  Go ahead, please.

Finance committee  Thank you. It's a great question. The clients don't know they're being harmed. The fees, commissions, and trailer fees, all those things, are not fairly and fully disclosed. Again, it's just like the licence I held when I was with the bank. During the entire time I worked at th

Finance committee  I believe it is. Two years ago, TD caused all of their commission grid payout to be adjusted. If you were a salesman for TD Wealth Management, and you did not produce more than $2,000 a day in fees or commissions, your pay would be cut by 60%. This is the kind of thing that ha

Finance committee  Yes, in many instances the fees are as opaque or as well hidden as is the licence of the person calling himself an adviser. In the time that I've been in the business, the licence has been kept behind the back of representatives. No one in the industry wants to tell you, “I'm a s

Finance committee  I'm afraid my thoughts aren't very complimentary. I've been in the industry since 1984, and I hadn't really heard of, seen, or noticed any action by the FCAC until this hearing. I hadn't heard at all that they had spoken out to protect investors, until CBC did a program, and then