Industry News

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(October 23, 2007) The MFDA has released its findings against Ravi Puri, permanently banning the British Columbia–based advisor from the securities industry. The MFDA levied a fine of $500,000 against Puri for failure “to deal with clients fairly, honestly and in good faith.” He must also pay $10,000 in costs and an additional fine of […]

By Staff |October 23, 2007

3 min read

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Canadians in for a retirement shock: study

Canadians are setting themselves up for a huge pay cut when they retire, replacing only half of their pre-retirement income, according to a study by Fidelity Investments Canada. The report marks the launch of the fund company’s new Fidelity Retirement Index. “The Fidelity Retirement Index is the new definitive standard Canadians can use to measure […]

By Steven Lamb |October 23, 2007

4 min read

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MFDA rejects Berkshire’s Thow settlement

Berkshire Investment Group continues to be plagued by Ian Thow. The Mutual Fund Dealers Association of Canada has rejected the firm’s settlement proposal that would have established the responsibility, if any, for its former advisor’s multi-million-dollar fraud. The MFDA’s rejection was met by disappointment by Berkshire and its new parent company, Manulife Securities, both of […]

By Mark Noble |October 23, 2007

3 min read

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(October 22, 2007) PEAK Financial Group’s president and CEO, Robert Frances, has been elected chairman of the board of directors of the Investment Funds Institute of Canada. As chairman, Frances will play a leading role in the direction of the Institute by presiding over all directors’ meetings and working closely with IFIC’s president and CEO, […]

By Staff |October 22, 2007

3 min read

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Canadians fail new tax survey

When it comes to taxes, Canadians know that they generally have to fork over at least a few bucks to the government every April. But as for the fine details, most Canucks are in the dark. A new true-or-false survey by Mackenzie Financial asked Canadians 10 tax-related questions. On average, the respondents answered only three […]

By Bryan Borzykowski |October 22, 2007

5 min read

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(October 19, 2007) Canada’s soaring dollar hurt pension funds in the third quarter, according to a survey released by RBC Dexia Investor Services. Within the $340 billion RBC Dexia universe, Canadian pensions lost 0.7% in the quarter ended September 30, 2007, trimming year-to-date growth at just 1.8%. The currency losses offset healthy global equity returns. […]

By Staff |October 19, 2007

3 min read

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Due diligence key to maxing hedge fund potential

Despite the Portus and Norshield debacles, hedge funds can still play an important role in an investor portfolio, provided advisors understand how they work and conduct proper due diligence, hedge fund specialists say. Hedge funds and alternatives produce an absolute return regardless of what happens in the market. This should allow its moderate steady gains […]

By Mark Noble |October 19, 2007

4 min read

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Not so happy anniversary: 20 years since Black Monday

It’s an anniversary many wish they could forget, but 20 years ago today the financial industry was faced with its biggest one day market drop since October 1929. Black Monday, as it’s called now, saw the American markets fall 23% and the TSX drop 11% in a single day. Millions of dollars were lost, and […]

By Bryan Borzykowski |October 19, 2007

4 min read

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(October 18, 2007) On Thursday, the Bank of Canada released its October Monetary Policy Report, which says the economy has been “stronger than projected” and is operating “further above its production potential” than previously expected. Since July, the BoC’s outlook for the U.S. economy has worsened, due to an appreciating Canadian dollar and tight credit […]

By Staff |October 18, 2007

3 min read

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Thow’s misdeeds laid bare in hearing testimony

The sordid testimony of Ian Thow’s multi-million-dollar fraud hearing has been released by the British Columbia Securities Commission. The hearing details paint a picture of an advisor who excelled at earning client trust and abused that trust to commit excessive yet fairly straightforward securities fraud. It’s alleged that Thow, who is reportedly bankrupt and living […]

By Mark Noble |October 18, 2007

5 min read

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