Financial Safety Advice

Under the federal election campaign, Finance and Investment gives the microphone to the main Canadian political parties. The author of these lines has met with the representative of the Conservative Party, Ted Menzies, Minister of State (Finance) since January 2011 and candidate in the riding of Macleod, Alberta.

Finance and Investment: Your party is proposing does one or more measures that will promote the development of the financial services industry in Canada?

Ted Menzies: We will ensure that the financial industry remains strong and vibrant and that regulation in this sense remains.

We will continue to ensure that problems with the U.S. housing market have affected the banks of the United States does not affect Canada. Already, we reduced the maximum mortgage of 35 to 30 years and we have ensured that the maximum amount of mortgage refinancing is only 85%. If people have problems with their mortgages, they will bounce off the banks.

Health Canada’s financial system is its stability. We worked with the G7 and G20 to ensure the stability of the global financial system. Thus, with our partners in the G20, we are implementing rules that promote stability of our banks. We want them to have the same rules as other international banks.

FI: Are you in favor of the adoption of a single securities commission in Canada?

TM: We believe that a national regulator is the right thing, but if the Supreme Court rendered a decision against us, we would not fight the court.

For several years, foreign companies approach us and ask us why we do not have a single regulator across the country. These companies have told us: “I would start a business in Canada and operating in all jurisdictions. “They have to pay application fees in 13 jurisdictions. They have forms to fill out separately in each jurisdiction. I talked to companies that have told me: “I have not come because in Canada, you’re the only country in the industrialized world that does not have a single regulator. “

However, we do not try to reduce the rules. We are not trying to add risk to investment. We try instead to foster investment. Several experts have argued that if we had a national regulator, we would never had to deal with cases of fraud to the Earl Jones or the setbacks caused by the Commercial Paper Asset-backed non-banks. A regulator could raise a flag against these assets. Moreover, we do not have adequate laws to prosecute Earl Jones of this world because we have 13 different jurisdictions.

FI: What is your position regarding the proposed merger of the TSX and London?

TM: The Industry Canada must determine whether this potential transaction meets the requirements under the Investment Canada Act. Meanwhile, the provinces review the transaction, but it would be inappropriate for me to comment further.

FI: The savings of Canadians is at an historic low. Do you think the government should stimulate savings? If yes, what measures are you considering? Read the rest of this entry →

One of the issues currently of greatest impact is the economic crisis that is facing worldwide. Situation that we are suffering not only us as individuals but also various industries such as financial industry, automotive and insurance company AIG. The crisis in the auto industry goes hand in hand with the financial industry since by reducing vehicle demand, in turn decreases the chance of financing banks.

All this economic crisis is forcing financial institutions to offer customers various options to achieve sales and maintain existing ones. Such as lower interest rates, flexible credit evaluation, offering holidays to personal and car loans in arrears, mortgage loan modifications and other alternatives provided by the federal government to help consumers keep their property but in turn decreases the financial industry profits are forced to lower the percent of interest. The products of greatest demand and generate more profits for the financial industries were Real Estate, Mortgages, Read the rest of this entry →

It is difficult to think of the current financial transactions without the contribution of ICTs. The physical money to become the digital money represented in all its forms: credit cards, home banking, electronic transfers, etc.. These advances allow companies and users to be much more efficient and better utilize their time, to achieve immediate operations from place to meet, transact, having a real-time control of their investments, and many other facilities. “The financial world is already flat?

The proliferation of the use of ICTs involves a multiplication vulnerability to attacks. Exposure to computer security breaches, create the need to establish and follow strict guidelines and procedures to implement practices and technologies for prevention and control.

The participants of this conference will deepen their knowledge about the risks, new technical and regulatory provisions, the evolving dynamics of prevention and contingency plans. This conference will examine successful practices and solutions, hear cases, anticipate potential problems, and be better prepared to deal with the proactive preparation and inconveniences that may arise.