Why it’s Time for Canada’s Financial Industry to Put the Customer First

Scrutiny of the financial industry has been on the rise in recent months, fuelled in part by CBC News reports alleging unscrupulous practices at Canada’s big banks. The CBC’s findings may not have been surprising to insiders, who have been witness to the industry’s indiscretions for years. What is surprising is the government’s continued hesitation to force advisers to do what is right — to act in clients’ and customers’ best interests.

There are benefits to free markets with limited government intervention when open market forces or self-regulation keep businesses honest.  Read More…

This article has 6 Comments

  1. Broderick H.

    We can only hope!

  2. Branden

    Seems like speculation to me. The government, although at arms-length, still tends to write laws that favor financial markets. Partly out of fear of a triggered recession or partly because those who work in parliament will typically end up in the sector.

  3. Braylen

    And i still don't notice any difference either way. I just go for the one offering me the highest rates of return.

  4. Kaine

    It's been far too long that Canada has turned a blind eye on this industry. I cringe to think we will be like the US if we sit on our hands too long.

  5. Cordaro L

    If its all about capitalism then its technically inevitable to not have customers interest at heart. Sure, in other industries there is a relatedness in satisfied customers and product but in finance, because of its complexity and dullness to the average consumer (but a necessary evil) it's actually easier to keep customers in the dark and bilk them for what they got, because at the end of the day the probably won't notice and these big banks will make more in their bottom line. It's really annoying but it is what it is.

  6. Vincent Chan

    I've been calling for better and stronger consumer protection for years. There has been talk but not much else.

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