What a fucking joke the regulators are in this country! Can you imagine appointing professionals so incompetent that they have literally allowed CEO’s of Canada’s largest banks to overcharge the good people of Canada literally millions and millions of dollars in excess fees? Who governs these people? Who allows these cowards to operate the provincial securities regulators – who all claim their mandates are to protect to people of Canada?
Let’s look at an article from CBC news from November of 2016 – it states, “A major bank spent 14 years overcharging its customers more than $73 million. But the bigger story here is that no one noticed. CIBC reported itself to the Ontario Securities Commission and has agreed to pay the money back and the bank will also pay $3 million to the OSC to help with its mandate of protecting investors. But critics say the incident speaks to a distinct lack of either laws or regulators to protect investors. If CIBC hadn’t turned itself in, the problem could have gone on for years more.”
The articles goes on to tell us, “The CIBC settlement is by no means an anomaly. In July, Scotiabank reached a similar deal with the OSC, agreeing to pay back nearly $20 million in fees that should never have been charged. In February, mutual fund giant CI Investments Inc. said it would return more than $156 million to clients. That was, by far, the largest amount of investor compensation since the regulator introduced no-contest settlements.”
Let’s get this straight, executives at the CIBC reported themselves and then agreed to give to bozo’s at the OSC $3 million dollars to “help with its (OSC) mandate of protecting investors”? What a joke! These regulators are not living up to their mandates and protecting Canada’s investors.
Time to wake up!