Industry

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Best of 2010: ‘I did what?’ A compliance field guide

This story bears repeating. Vikram Barhat tracked down some of the most common compliance problems among advisors. • • • A slew of financial violations have been keeping the hearing panels of MFDA and IIROC busy. Although many are deliberate, some of these offences are the result of glaring ignorance that leads financial practitioners afoul […]

By Vikram Barhat |August 30, 2010

6 min read

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Jackpot! Two cents for lotto winners

Between the moment a lottery jackpot winner gets that fortuitous call and the moment the money reaches the winner’s back account, one thing seems to happen reliably. The overnight millionaire has blown more than half of their windfall, mentally. That’s exactly the type of flight financial experts advise against boarding. Using the recent winner of […]

By Vikram Barhat |August 27, 2010

2 min read

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Briefly: “Scotia lauded for Caribbean service” and more news

Scotiabank has been named the “Best Consumer Internet Bank” in twenty Caribbean countries by international financial magazine, Global Finance, with its St. Maarten operation named best corporate/institutional internet bank for Latin America. “Our priority is to maintain this level of world-class service as we continue to develop our Internet services and meet the evolving needs […]

By Staff |August 27, 2010

2 min read

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You can’t build a practice on fees: readers

We are getting a steady stream of messages fuelling the fee debate, as readers express their opinion on fee transparency, as discussed in our “Prepare for transparency” column posted yesterday (Read it here). Amid the discussion over fee transparency, Andre St. Arnault, an advisor from B.C., wonders if it is at all possible for advisors […]

By Vikram Barhat |August 26, 2010

3 min read

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Demographics favour Indian investments

Part One of a series on emerging markets Incredible India! The come-hither campaign of India’s ministry of tourism might as well be the two-word tagline of India’s slick pitch to global investors. Consistent double digit returns on investment, a GDP growth that is double that of the world average and swelling domestic consumption fuelled by […]

By Vikram Barhat |August 26, 2010

4 min read

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Briefly: “Credit unions in merger talks” and more news

DUCA Financial Services Credit Union has announced that it is in talks to purchase the assets Virtual One Credit Union and combine the operations with DUCA. Virtual One has five branches in Southern Ontario, with $160 million in assets and 8,700 members. If the deal goes through as planned, these will be added to DUCA’s […]

By Staff |August 26, 2010

2 min read

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CI shuffles top jobs

CI Financial has announced that Bill Holland will be moving out of his current role as CEO of the company and will become executive chairman, effective September 1. In his new role, Holland will focus on strategic initiatives and pursuing growth. Holland was named president and CEO of CI in 1999, and handed off the […]

By Steven Lamb |August 25, 2010

2 min read

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IIROC seeks comment on higher awards

Blog Polls The Investment Industry Regulatory Organization of Canada (IIROC) has called for comment on proposals to raise the award limit available under its arbitration program and to change the rules that govern such procedures. Under the proposal, award limits would rise to $500,000, from its current limit of $100,000. The rules of procedure would […]

By Steven Lamb |August 25, 2010

1 min read

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Centennial launches Islamic finance course

Centennial College is opening up its doors to what could very well be a groundbreaking financial course in Canada. This fall, the college will be offering a course in Islamic finance. The program will explore the economic order that conforms to Islamic scripture and traditions. The course will draw from Islamic Law and will source […]

By John Powell |August 25, 2010

2 min read

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Briefly: “MFDA issues reasons on KYC case” and more news

So, just how important is the know-your-client process? Well, if you’re selling exempt products, you should at least know if the client qualifies as an accredited investor. The following demonstrates that importance. A hearing panel of the MFDA’s Central Regional Council has issued its reasons for decision in connection with the disciplinary hearing held in […]

By Staff |August 25, 2010

2 min read

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