The Canadian Association of Retired Persons issued 17 proposed regulations to strengthen Canadas mutual fund industry, The Globe and Mail reports. CARP wants Canada to create yet another, independent federal agency to oversee various regulatory bodies, new whistleblower legislation and, in light of the Ontario Securities Commissions investigation, the creation of an investor protection fund.
Meanwhile, industry critics are already piping up that the Commissions investigation into four Canadian mutual fund companies doesnt go far enough, the Ottowa Citizen reports. "Is the mutual fund industry cleaning up its act?" asked Glorianne Stromberg, a former OSC commissioner and author of two reports critical of the industry. "I dont think weve seen any evidence of that."