Canada’s go-slow approach is being overtaken by international developments that could leave the country’s financial sector operating under rules formulated by foreign decision makers
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The Canadian boss of the island’s financial industry watchdog says taking enforcement action against companies is a deterrent.
Chief executive Karen Badgerow said it was all part of the vital work done by the Financial Services Authority which she stresses is ’not an ivory tower’.
Firms in the island’s finance sector were fined £87,000 and £90,000 earlier this year after FSA investigations into regulatory failings.
commitment
Mrs Badgerow said the ’critical’ point to make over this was the penalties imposed were ’proportionate to what the matters identified were. And I think to the credit of those who have been involved in our settlement process there had been a real commitment to fix it. That’s the right outcome’.