BREAKING NEWS

CBC Go Public Exposes FCAC Deception of the Public

The Federal Consumer Agency of Canada (FCAC) is co-operating with the banks to cover up wrongdoing that is fleecing the public. Is Government aware of this collusion?

Canadians are finally learning the truth and it is ugly. SIPA has known for decades but media was reluctant to expose the Big Banks until Go Public lifted the lid on Pandora's Box in March 2017 and continued with additional disclosures as thousands of Canadians came forward to expose the truth.

This latest exposure is explosive! The Federal Consumer Agency of Canada (FCAC) is a Government regulator for the banks. Finally CBC Go Public has exposed that the FCAC is colluding with the banks to deceive the Canadian public.

Read the article >>

Deceptive Practices

On March 29th, 2017, CBC Go Public was featured on the National with Peter Mansbridge. That program included Larry Elford, a SIPA Advisory Committee Member, explaining the investment industry deception of the public by calling their commission sales representatives Advis"ors" rather than Advis"ers" as defined in Securities Acts. It is available on YouTube for viewing >>

Now CBC has done it again.

CBC’s “This Hour Has 22 Minutes” produced a program that aired on December 4th, 2018. Part way through at the 11:50 minute mark, Mark Critch does a skit on the registration deception of the investment industry calling their commission sales persons ADVISORS to evade the responsibilities imposed on ADVISERS by Securities Acts. The program may be viewed here >>

For convenience, the segment on this deceptive practice has been extracted. In this 1 minute 48 second version Mark Critch explains clearly and concisely how the public is deceived by false titles and provides absurd comparisons to drive the message home (view clip >>).

Special Report

CBC Go Public Investigation into Big Banks

CBC's Go Public program is prying open Pandora's Box in an investigation into the selling practices of the major Canadian banks.

Their CBC TV programs have revealed how the banks really operate and the pressures placed on employees to upsell products and services to maximize bank profits. On March 29th CBC Go Public was the lead story on The National with Peter Mansbridge. It was this program that lifted the lid on Pandora’s Box and revealed how the public is being deceived. It also announced SIPA's "Web of Deception" Report which details some of the deceptive practices.

Most recent reports:

• April 10, 2019 - Bank Regulators Report
  Researchers Ken Rubin and Paul Thomas use Access to Information to review what appears to be collusion between regulator and banks to deceive public.
• September 16 "Controversial commissions: DIY investors fight back against trailer fees"
  Go Public exposes how banks are cheating DIY investors with mutual funds. Investors fight back with Class Actions
• June 12 "Bank Bosses Questioned at FINA inquiry" SIPA wants full public inquiry
• June 1 "Finance Committee Hearings Start June 5 into Practices Revealed by Go Public"
• May 31 "Forging Documents Reportedly Common" (The National)
• May 31 "Document Forgery Common in Financial Industry"
• April 20 "Canadians want Government to protect savings - CARP Poll"
• April 17 "Banks Prioritizing Sales Quotas Over Customers"
• April 17 "Canada is in the Dark Ages: Lax Laws Put Your Interests Last"
• April 6 "Sales Targets Should Be Scrapped"
• March 29 "Deceptive Employee Titles"
• March 29 "I Feel Duped" Go Public lifts the lid on Pandora's Box. Mind blowing revelation of industry deception of Canadian consumers

Summaries of the earlier broadcasts can be read at these links:

• Employees at Canada's 5 Big Banks Speak Out
• Bank Employees Admit to Breaking the Law
• Call Centre Employees for Banks Reveal Sales Pressures
• Teller Says Customers 'Pay the Price'

CBC Go Public also have another story rolling out (online, radio, CBC News Network and the National), so check your TV and radio schedules and check online in case you miss the broadcasts. A link will be provided here as soon as available.

If you have a story to tell please contact Go Public or contact SIPA for further information. Please add your voice to the growing response from fellow Canadians.

Small Investor Protection Association

 

About SIPA

The current investment industry regulatory system does not provide adequate protection for the small investor.

SIPA is a voice for those small investors -- Canadians who have investments from a few thousand dollars to several million dollars, but who do not influence the market or individual share prices and who do not have a financial manager on staff.

A non-profit organization supported by members and private donations, SIPA prepares and submits reports to government and regulators, tracks industry fraud, and does its best to keep the small investor informed. Learn more about SIPA's priorities.

SIPA asks members and the public to help make a difference by taking action:

• Contact your member of parliament
• Write to your local newspaper
• Write TV and radio personalities and radio stations
• Call radio and TV talk shows
• Spread news to your friends and contacts
• Make a donation to SIPA to ensure sustainability

SIPA thanks all those individual investor advocates and small investors who have devoted time and effort to help make a difference.

Find out more about SIPA >>

 

site last updated: April 29, 2019