Canaccord to pay over $1-million to settle claims of inadequate supervision of retail accounts (National Post).

“Canadian wealth management and retail division of Canaccord Genuity Group, one of the country’s largest independent investment dealers, acknowledged shortcomings in some of its most basic business practices over a number of years — including supervision of its branches”

Reflections is a monthly publication written by John Gilbert, CIO, GR–NEAM (hat tip Zero hedge) – some nice graphs here.

Biggest drop in savings for 40 years, Bank of England figures reveal (Telegraph) – one of the weaknesses of the current economic and financial system is that it is dependent on consumption expenditure and population growth for its viability.  A lot of this risk is to do with leverage (debt) and the importance of asset prices for future consumption and financial system stability.   It should have been no surprise that as the economics started to unwind in 2007 that it passed directly through the banking system.   High levels of debt, elevated asset prices, weak economic growth and deteriorating demographics means that the risks to the system remain elevated.   Growth that depends on higher levels of debt and/or reduced levels of savings is ultimately destabilising.

OECD educational report: Pisa fever is causing east Asia’s demographic collapse (Telegraph) – and demographics…..

Regulators stumbling on many fronts (hat tip Ken Kivenko – Investment Executive) – there are far too many books on how to DIY finance but no books on “the behind the scenes” at the world’s regulators.  I would be interested in such a book!

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