Briefly:

(May 31, 2007) Privacy has been on the minds of many in the financial industry since 2001, but breaches persist, according to the 2006 annual report on the Personal Information Protection and Electronic Documents Act, which was tabled in Parliament on Thursday. The report acknowledges that complaints made against those sectors that adopted PIPEDA when […]

By Staff | May 31, 2007 | Last updated on May 31, 2007
2 min read

• • •

C.D. Howe Institute sets up pension plan panel

(May 31, 2007) Challenges abound when it comes to Canada’s pension plans, and the C.D. Howe Institute wants to get to the bottom of them. The think tank announced Thursday that it’s creating a panel — led by Claude Lamoureux, president and CEO of the Ontario Teachers’ Pension Plan, and Nick Le Pan, former superintendent of Financial Institutions — to advise on a three-year pension program. The panel will cover topics such as funding shortfalls, regulatory changes, and shifts toward money-purchase arrangements.

According to C.D. Howe, some of the problems facing pension plans include tax laws and other regulations that prevent some savers, particularly in the private sector, from putting aside as much as they could and should.

The panel will write several papers and hold seminars in order “to promote understanding of the pension system’s role in shaping saving and investment, outline changes that could improve its impact on Canadian prosperity, and develop proposals for improvement.”

• • •

CIBC hires new chief risk officer

(May 31, 2007) Changes are afoot at CIBC, as the bank announced Thursday it is reorganizing its treasury and risk management group.

Effective July 1, 2007, Steven McGirr, CIBC’s chief risk officer, treasury and risk management, is leaving the company. Taking over is Ken Kilgour, who’s currently the executive vice-president of the division., Kilgour, who joined the bank in 1982, has also bee named senior executive vice-president. Having held held senior management positions with CIBC and CIBC World Markets, he is responsible for retail and corporate credit, but those duties will be expanded to include all facets of risk management at CIBC.

“Ken has a proven history of success during his 25 years at CIBC,” said Gerry McCaughey, president and CEO of CIBC. “He will help further support our client focus and our overall objective to deliver consistent and sustainable revenue and earnings performance over the long term.”

(05/31/07)

Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

Previous Brieflies this week: | MON | TUE | WED | THU |

(May 31, 2007) Privacy has been on the minds of many in the financial industry since 2001, but breaches persist, according to the 2006 annual report on the Personal Information Protection and Electronic Documents Act, which was tabled in Parliament on Thursday.

The report acknowledges that complaints made against those sectors that adopted PIPEDA when it was first introduced six years ago — including the financial sector — have “declined slightly,” while industries that started following the Act in 2004 have seen complaints rise. Taking into account every sector — financial and retail — complaints rose in 2006 from 400 to 424.

“We are pleased to see fewer complaints related to sectors more familiar with PIPEDA. I believe it stems from a stronger understanding of the Act. It would appear that compliance is improving with time, and we look forward to seeing this trend continue,” says Canada’s privacy commissioner, Jennifer Stoddart. “Sectors with less experience with PIPEDA have more work to do.”

Related stories:

• • •

C.D. Howe Institute sets up pension plan panel

(May 31, 2007) Challenges abound when it comes to Canada’s pension plans, and the C.D. Howe Institute wants to get to the bottom of them. The think tank announced Thursday that it’s creating a panel — led by Claude Lamoureux, president and CEO of the Ontario Teachers’ Pension Plan, and Nick Le Pan, former superintendent of Financial Institutions — to advise on a three-year pension program. The panel will cover topics such as funding shortfalls, regulatory changes, and shifts toward money-purchase arrangements.

According to C.D. Howe, some of the problems facing pension plans include tax laws and other regulations that prevent some savers, particularly in the private sector, from putting aside as much as they could and should.

The panel will write several papers and hold seminars in order “to promote understanding of the pension system’s role in shaping saving and investment, outline changes that could improve its impact on Canadian prosperity, and develop proposals for improvement.”

• • •

CIBC hires new chief risk officer

(May 31, 2007) Changes are afoot at CIBC, as the bank announced Thursday it is reorganizing its treasury and risk management group.

Effective July 1, 2007, Steven McGirr, CIBC’s chief risk officer, treasury and risk management, is leaving the company. Taking over is Ken Kilgour, who’s currently the executive vice-president of the division., Kilgour, who joined the bank in 1982, has also bee named senior executive vice-president. Having held held senior management positions with CIBC and CIBC World Markets, he is responsible for retail and corporate credit, but those duties will be expanded to include all facets of risk management at CIBC.

“Ken has a proven history of success during his 25 years at CIBC,” said Gerry McCaughey, president and CEO of CIBC. “He will help further support our client focus and our overall objective to deliver consistent and sustainable revenue and earnings performance over the long term.”

(05/31/07)

Previous Brieflies this week: | MON | TUE | WED | THU |

(May 31, 2007) Privacy has been on the minds of many in the financial industry since 2001, but breaches persist, according to the 2006 annual report on the Personal Information Protection and Electronic Documents Act, which was tabled in Parliament on Thursday.

The report acknowledges that complaints made against those sectors that adopted PIPEDA when it was first introduced six years ago — including the financial sector — have “declined slightly,” while industries that started following the Act in 2004 have seen complaints rise. Taking into account every sector — financial and retail — complaints rose in 2006 from 400 to 424.

“We are pleased to see fewer complaints related to sectors more familiar with PIPEDA. I believe it stems from a stronger understanding of the Act. It would appear that compliance is improving with time, and we look forward to seeing this trend continue,” says Canada’s privacy commissioner, Jennifer Stoddart. “Sectors with less experience with PIPEDA have more work to do.”

Related stories:

• • •

C.D. Howe Institute sets up pension plan panel

(May 31, 2007) Challenges abound when it comes to Canada’s pension plans, and the C.D. Howe Institute wants to get to the bottom of them. The think tank announced Thursday that it’s creating a panel — led by Claude Lamoureux, president and CEO of the Ontario Teachers’ Pension Plan, and Nick Le Pan, former superintendent of Financial Institutions — to advise on a three-year pension program. The panel will cover topics such as funding shortfalls, regulatory changes, and shifts toward money-purchase arrangements.

According to C.D. Howe, some of the problems facing pension plans include tax laws and other regulations that prevent some savers, particularly in the private sector, from putting aside as much as they could and should.

The panel will write several papers and hold seminars in order “to promote understanding of the pension system’s role in shaping saving and investment, outline changes that could improve its impact on Canadian prosperity, and develop proposals for improvement.”

• • •

CIBC hires new chief risk officer

(May 31, 2007) Changes are afoot at CIBC, as the bank announced Thursday it is reorganizing its treasury and risk management group.

Effective July 1, 2007, Steven McGirr, CIBC’s chief risk officer, treasury and risk management, is leaving the company. Taking over is Ken Kilgour, who’s currently the executive vice-president of the division., Kilgour, who joined the bank in 1982, has also bee named senior executive vice-president. Having held held senior management positions with CIBC and CIBC World Markets, he is responsible for retail and corporate credit, but those duties will be expanded to include all facets of risk management at CIBC.

“Ken has a proven history of success during his 25 years at CIBC,” said Gerry McCaughey, president and CEO of CIBC. “He will help further support our client focus and our overall objective to deliver consistent and sustainable revenue and earnings performance over the long term.”

(05/31/07)