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?

TM: Because of the shared jurisdiction on retirement income, we work with the provinces, including Quebec, to create a new retirement plan at low cost. This will be useful for people without access to a private pension plan, or self-employed, can contribute to a retirement plan at low cost. Several insurers and banks wishing to participate in this measure.

Furthermore, in terms of savings account tax free, we will double the amount that Canadians can save each year, bringing it to $ 10 000. This will be done when the budget is balanced, which should occur during the fiscal year 2014-2015. To do this, we will not replace all employees who retire. We will reduce the size of government while making it more efficient.

FI: What do you do to improve the financial literacy of Canadians?

TM: We will call very soon a national commissioner of financial literacy that will work for the Agency of Consumer Agency of Canada to coordinate a plan of action.

We must teach young people the risks and responsibilities related to credit, credit cards, mortgages, how to manage daily expenses and plan for retirement. We will work with provinces to insert into the education system. For example, many do not understand what compound interest and its consequences, and we will ensure that this does not fail in their education.

We will also ensure that financial institutions provide information clearly and concisely in relation to contracts they are signing and its subtleties.

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, Car and Insurance and everyone has had a big drop in sales, the effect of real economic crisis has created a panic that took hold global financial system that is being felt with a reduction in production and employment.

In my opinion, the crisis is serious, much deeper than they are recognizing the economic authorities and, above all, nothing but a foretaste of worse situations that lie ahead. I tend to believe that what is happening now is just a warning. Although the crisis was triggered initially in the area mortgage, banking or financial, then has effects on the real economy.

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.