Industry News

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(November 27, 2008) CIBC has admitted that the bank is unsure whether it lost track of the personal information for over 470,000 investors, according to a report from the Office of the Privacy Commissioner. As part of a systems upgrade in December 2006, CIBC had intended to copy the data onto two removable hard drives, […]

By Staff |November 27, 2008

3 min read

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There’s no ‘perfect form’ for KYC

Advisors need to worry less about the specific form used and focus more on building a relationship with their clients so that they truly know them on a personal level, according to speakers at the Advisor Group’s Fall Compliance Conference. “The best way for us all to protect ourselves, and more so to make sure […]

By Steven Lamb |November 26, 2008

4 min read

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The Investment Industry Regulatory Organization of Canada (IIROC) has set Tuesday, December 9, 2008, as the hearing date for William John Marston, one of the central figures in failed Mount Real group of companies. Mount Real came under investigation in June 2005 for its links to the failed hedge fund promoter Norshield Financial Group. Mount […]

By Staff |November 26, 2008

3 min read

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ABCP plan misses another deadline

The proposed plan to restructure third-party asset-backed commercial paper was delayed again this week. The holdup is mostly due to the complexity of the restructuring, the large number of participants involved in the process and current market conditions. “We acknowledge that it’s taking longer than we would wish and we apologize to all stakeholders for […]

November 26, 2008

4 min read

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BCE privatization in doubt

The deal to take BCE private by a group led by the Ontario Teachers’ Pension Plan is in doubt after an advisory firm said the leveraged buyout would put the telecom company’s solvency at risk. Should KPMG be unable to deliver a favourable opinion before the planned closing date of December 11, 2008, the transaction […]

November 26, 2008

4 min read

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SocGen settles on Portus suit

Manulife Securities Investment Services has reached a settlement in its class action suit against Société Générale (Canada), over the bank’s role in the collapse of Portus Alternative Asset Management Inc. While SocGen continues to deny all of the allegations in the suit, it has agreed to repurchase the deposit notes underlying the Portus investments currently […]

By Steven Lamb |November 26, 2008

1 min read

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(November 24, 2008) Clients who are expecting a decent raise in the new year may be disappointed, as employers scale back on their planned salary increases for 2009, according to a survey by Mercer. About half of the 175 companies that were polled said they were cutting back. In the second quarter, the national average […]

By Staff |November 25, 2008

4 min read

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(November 25, 2008) Canada has not yet felt the full force of the world financial crisis, but it will soon, according to reports from the Organization for Economic Co-operation and Development, which has earmarked Canada to have a full-blown recession in 2009. The OECD has predicted Canada’s gross domestic product will decline by 1.6% in […]

By Staff |November 25, 2008

4 min read

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The downside of guarantees hits target-date funds

The dramatic decline of the markets has sparked a cascading wave of what are called “protection events” on products that offer principal or maturity guarantees. One of the asset categories most dramatically affected by this is the relatively new and popular group of target-date or lifecycle funds. A popular type of lifecycle fund is one […]

By Mark Noble |November 24, 2008

6 min read

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Week in review: November 17-21, 2008

Welcome to the weekly roundup of news affecting you, as covered by Advisor.ca and our sister publication, Conseiller.ca. Read this section every week to catch up on the news you missed, or click here and subscribe to get regular updates sent to your inbox or BlackBerry. Give your clients a call. The economic and market […]

By Kate McCaffery |November 21, 2008

6 min read

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