Who is Telling the Truth? IDA, ASC, OSC, NFG?

Having just received another carefully worded letter from the ASC, about how they feel they must delegate all matters concerning an IDA firm to the IDA itself........I am still stuck on the logic.

Why would a government securities regulator hand off securities regulation duties like enforcing the securities law to a bunch of industry trade representatives, a dealership association if you will. It appears a lot like a government consumer protection agency delegating auto dealer complaints (investigation and enforcement) to the local auto dealers association. It is neither practical nor possible to expect it to work, and in fact it is becoming increasingly clear that it is not working in Canada.

Only people who have six figure jobs in provincial securities regulation seem unable to grasp this. Perhaps they are a bit too busy figuring out how to outlive the changeover to a national securities regulator, to do the job of investor protection that they claim to. If so, that is understandable. Just not to me.

I also do not understand how a kind retired, single nurse, could write to the ASC, with evidence that her account had been not just double dipped, but turned into one more "advisor account" without benefit to the client, and thereby triple dipped.............and the ASC does nothing. Simply refer it to the dealership association. When insiders at investment firms write of elder abuse, investment abuse, double dipping etc., withint the industry, what does the ASC do? Investigate and get to the bottom of it? No. Refer it to the dealership association. End of career for anyone willing to tell the truth of investment abuses.

They turn it over to the IDA. Of course the IDA does nothing, since they are the representatives (dealer association) of the Investment Dealers. Set up and funded by same. they are the LAST folks in Canada who are going to blow the whistle on widespread abuses within the investment industry. They tend to only deal in matters of individual advisor wrongdoing, the rest is just not possible for them.

To view the best research anywhere on the IDA, and perhaps on the industry overall, go to the site www.regulators.itgo.com

There you will find enough information to convince you that Canada is a mostly unregulated, buyer beware investment climate. Your only hope is to find an honest investment advisor.

Here from this site by way of example are two different and conflicting stories from IDA executives, depending on whether they were in advance or retreat mode.

For the Record

Joe Oliver,
President, IDA
"The IDA is Canada's only national entity with delegated responsibility for securities regulation and investor protection." - Joe Oliver
Evidence given before the
Senate Standing Committee
on
Banking, Trade and Commerce
02 November 1998

6 YEARS LATER (almost to the day)
Paul Bourque
SVP Regulation, IDA
"First, let's get the facts straight. The only legislative power the provincial governments "delegate" to the IDA is registration of brokers -- and even that is only delegated in B.C., Alberta and Ontario. The provincial governments do not "delegate" securities industry compliance and enforcement." - Paul Bourque
Penalties needed
03 November 2004

Given that the IDA appears to not even be clear on what they are, what they do, and what legislation they are following...........how are we to believe that the law is being followed when the Alberta Securities Commision (or Ontario, or others) reduce their own workload by referring all related complaints to the IDA.

The chickens (clients) are complaining of abuse in the henhouse, and their complaints are all referred to the Fox's Association (IDA). The ASC is in the job of doing..............what again? Protecting the public, or protecting their incomes? Shame.