www.investorvoice.ca/Regulators/index.html
Canada is the most decentralized federal state in the world. It's also a country built on patronage and nepotism where an old boys network continues to run this loose collection of provinces. That it has no national standards in financial services should come as no surprise to anybody. The above link provides readers and investors alike with a website dedicated to exposing the scandals on the Canadian investment landscape often overlooked or ignored by the media.
Imagine if a scam like Enron happened here? Where to begin the process of to hold those responsible accountable? Who has the authority to deal with such an event? Indeed, the regulatory bodies in place lack any teeth - let alone the will - to take one of their own down. During my time as a broker many of my clients would comment about the alleged entrenched corruption in the United States. This sort of thinking always baffled me given that Canada is far from the virtuous haven we think it is. We have our share of structural and deliberate corruption.
Regardless, the odds are stacked against the small investor.
Canadians at large seem to be in the dark about the major shortcomings that mark this country. If we were to add them all up we'd find that things need to be improved - fast.
When will Canada grow up, mature and do what truly is best for its citizens? It's sheer madness to let the provinces regulate this without an overarching Federal body to step in and take charge in serious matters. Sure, the provinces will bitch and scream (it's what they do) but surely this would be in the best interest of all Canadians right? Right.
Don't bet on it.
Above cartoon from cartoonstock.com
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