Regulator bashing heats up the Talvest Town Hall

(June 20, 2003) It looks like the Advisor.ca story about the Saskatchewan advisor who is being disciplined by the Ontario Securities Commission (OSC) really struck a chord with our readers. They’ve been sounding off in our new and improved Talvest Town Hall Free For All and, perhaps not surprisingly, are coming down on the side of the advisor.

Or at least, they don’t like the OSC…

Robert got the ball rolling on Thursday night, with his posting entitled “Regulators are out of control.”

“This is a classic and tragic case of regulators running out of control, enforcing with a very heavy-handed laws that are out of touch with reality,” he said in the posting that opened the conversation. “I feel sorry for not only the Saskatchewan advisor who has been set upon by a rabid OSC, but for all of us sheep in this industry who have allowed the bureaucrats to foist this madness onto us.”

“It seems to me that regulators think all consumers are idiots who must be protected from themselves,” said one posting by Bob. “If a client who has a long-term relationship with me has to move out of the province yet wishes to maintain the relationship, why does the regulator suddenly think he knows what is best for the client? Whose money is it?”

And Gerald Burgess asked, “If our client moves out of province, are we to jeopardize the customer’s wealth by delaying action until registration has been done?”

This thread looks like it will stay hot throughout the weekend and into next week, so be sure to stay tuned. And don’t be shy — be sure to share your feelings on the provincial regulatory bodies.

• • •

Have you seen the new Talvest Town Hall? It’s been completely redesigned and is now easier to use. There’s a “keyword search” feature that can help you find the topic you want and a list of the hottest topics.

Do you think people are being unfair to the OSC? Or is the OSC just a big bully, pushing advisors around? Share your thoughts or ideas with your peers in the Talvest Town Hall on Advisor.ca.

Filed by Steven Lamb, Advisor.ca slamb@rmpublishing.com