Tuesday, June 14, 2016
How banned IIROC and MFDA advisors can still sell insurance | Advisor.ca
Canada’s patchwork of regulators allows wrongdoers to handle clients’ finances years after they’ve been permanently banned from the securities industry.An Advisor.ca investigation has identified nine cases between 2013 and 2015 where reps were permanently banned by their SRO but remained authorized to sell life insurance products for periods ranging from six months to years after. Of those nine, six are still authorized to sell today (June 14). Read the full report athttp://www.advisor.ca/news/industry-news/hidden-in-plain-sight-how-banned-iiroc-and-mfda-advisors-can-still-sell-insurance-207496
A recent SIPA report showed how ineffective regulators were in collecting the fines they impose. And OBSI's independent assessor has just concluded that major changes are required at OBSI including the need for it to have binding decision powers.
All in all, one has to wonder just how robust investor protection is in Canada.