Thursday, April 21, 2005

ASC Review, Will it be public?

I would wish for full, true, and plain public disclosure as to what happens at the ASC. This will be the very first step towards a better and more trustworthy investment industry in Canada.

No more hiding the truth behind closed doors. Does anyone remember the Gomery inquiry?

For example, if the truth is that 90% or 100% of complaints about IDA firms get referred to the IDA, I want it disclosed to investors. (The IDA is another story entirely and will be addressed in due time)

If from 10,000 complaints received the ASC has the time, money and resources to investigate only 90 cases, I would hope it is disclosed to the public.

I want the public to be informed, rather than misinformed, misled, and mistreated. They should know full well what they are getting into when they place their lives in the hands of a government agency that says it is there to protect them. This agency should have to be upfront with them just as investment dealers should have to be upfront with thier clients.

If the ASC selectively picks and chooses which cases get looked at, and which get passed over due to internal limitations or biases, I would like it known and stated that they are picking and choosing when to enforce the law, and when not to. I would also like full disclosure as to what constitutes a case valuable enough to them to decide to enforce the law, and how they justify the ruined lives left behind from small investors who do not warrant the "case time". Do they not deserve the same protection under the law?

It might be discovered that the ASC is like a police agency, where the only speeding drivers on deerfoot trail who are given tickets are those with Mazda's and Toyota's, and those driving Nissans, Honda's and Ford's are automatically given a free pass. I think the public deserves to know such information so we can know what the rules of the game are and what to expect out of our enforcement agencies.

They are today telling the public that they do a complete job of protecting the public, and I have in twenty years, yet to see a member of the public, made whole by the ASC, after being wronged by my industry. The law is the law, and some members of the industry are really tired of watching this agency speak of high standards while selectively enforcing (or ignoring) the law.