For anyone outside of Canada, thank God you do not have to depend on its financial services regulation.
For anyone inside Canada, you will need a degree in consumer advocacy and retail financial services regulation (+ 5 years experience) just to work out what is all going wrong.
A good article which gets to the heart of one particular and relevant matter (thanks RBC and ADR Chambers for the present), is an Ellen Roseman article on the perils of external complaint bodies, as opposed to independent, statutory based financial services ombudsmen.
An independent statutory body is close to but not like the one Canada already has (OBSI is not truly independent and it is not statutory), but more like the ombudsman you can see in the UK. If Harper and Flaherty get their way, Canada will never have an independent, statutory body to arbitrate disputes between the consumer and the powerful institutions.
Here is the link:
What will happen to consumers if the government’s proposals go ahead will be “the devil’s work”.