A recent Investment Executive article discussed the UK regulator’s systematic review of suitability failings in the UK.
One thing it did not point out was that suitability standards and levels of accountability for products and transactions in the UK are much much higher. Since there is virtually zero research into the comparison of Canadian and international regulatory standards, and not much serious interest, much of the discussion of standards in Canada is dilettante to say the least.. Conclusions drawn from the vast majority of discussion are nebulous and pointless.
Much of what is classed as a transgression in the UK would be considered suitable in Canada!.
Perhaps if some of the $1m annual FAIR budget was spent on this type of research instead of the constant repetitive submissions, or some of the $3m Investor Ed fund budget, the debate in Canada would be much improved. Any organisation with funding received for consumer advocacy should be seriously thinking about funding research into such issues, or else, what is the point?
Of all the money
small change that has found its way into consumer advocacy, none has found its way into unearthing the necessary detail, the facts that you need to build a case to go for the kill!
If you are in any doubt, read at least the first of the following two links, of which much more can be found at the FSA’s website.