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(December 5, 2006) The Bank of Canada has held the line on interest rates, leaving the Bank rate unchanged at 4.5% and maintaining a target of 4.25% for the overnight rate.

The stability of rate policy indicates that the Bank has not changed its economic outlook for 2007 and 2008, despite slightly weaker than expected output growth in the final quarter of 2006.

“All things considered, both total CPI and core inflation in Canada are still projected to converge at 2% in the second half of 2007,” the Bank said in a release. “In line with the Bank’s outlook, the current level of the target for the overnight rate is judged, at this time, to be consistent with achieving the inflation target over the medium term.”

The greatest risks to Canadian growth remain the possibility of an American economic slowdown and the continued inflation in the Canadian housing sector. The Bank considers the risks to be roughly balanced. The next Monetary Policy Report Update will be published on January 18, 2007.

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B.C. regulator fines Kelowna man $100,000

(December 5, 2006) A Kelowna man who illegally raised about $4.2 million from investors in Canada and the U.S. has been fined $100,000 and banned from the B.C. securities market for 16 years.

Cameron Kuipers owned two companies, Ultimate Ventures and Trivera Investments. Both were in the business of purchasing life insurance policies from elderly and terminally ill people for a percentage of their face values and assuming the obligation to pay the premiums on them. Profits were to come from the expectation that the policy sellers would die before the cost of paying the premiums exceeded the discount at which the policies had been purchased.

In a settlement with the British Columbia Securities Commission, Kuipers admitted that he and his firms distributed securities without registration or prospectus exemptions. As well, Ultimate and Kuipers illegally exchanged Ultimate’s securities with investors for life insurance policies and other companies’ securities.

Kuipers also admitted that he acted as an advisor without being registered and ignored cease trading violations issued by the BCSC in 2002.

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Advocis welcomes new Liberal leader

(December 5, 2006) Advocis has offered its congratulations to newly elected Liberal party leader, Stéphane Dion, welcoming his commitment to maintaining restrictions on the insurance sales in the banking sector.

“On behalf of our members and their clients, Advocis offers its sincere congratulations to Stéphane Dion,” said Roger McMillan, Advocis chair. “We look forward to working with him and his caucus toward the betterment of the consumer interest within the financial services industry.”

Advocis says it has now secured an on-the-record commitment to maintain the status quo from all three of the federalist parties in Ottawa.

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Univeris blends wealth, insurance platform

(December 5, 2006) Technology provider Univeris has rolled out the latest upgrade to its platform, which allows brokers and MGAs to manage both insurance and investments through a single interface.

In a world where many advisors offer both services, this fusion allows them to produce consolidated client reports, which spell out all wealth and insurance information on a single statement.

“Over 50% of the advisors using our platform are dual licensed to sell insurance and mutual funds, so adding insurance to our platform is a natural fit for Univeris,” says president and CEO, Carmine Tullio. “The insurance distribution market is undergoing significant and fundamental change, and we are working at the forefront to provide the insurance distribution sector with the technology they need to gain competitive advantage.”

The insurance module will also allow MGAs to produce consolidated commission statements, combining both MFDA and insurance business. Already in full development with charter clients, the insurance module will officially launch to the insurance distribution sector in June 2007.

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(12/05/06)