Petition:
Modifications to the Financial Services Compensation Fund of l'Autorité des marchés financiers (AMF)

Petition text

CONSIDERING THAT Canada ranked fourth in a 2009 Price Waterhouse global economic crime survey and that a large number of fraud cases, especially Ponzi schemes occurred in Quebec;

CONSIDERING the financial loss to victims, many of whom lost their entire life savings for retirement resulting in a decrease in buying power and reliance on the Old Age Security supplement;

CONSIDERING the emotional, psychological and physical impact on the victims and their families;

CONSIDERING the lack of resources, budget and expertise available to police to investigate financial fraud and prosecute the perpetrators;

CONSIDERING the inability of the AMF to protect investors by ensuring that a registered broker is licensed to sell a specific financial product;

CONSIDERING THAT the AMF, police and regulators do not share information in order to prevent, detect and prosecute white collar crimes;

CONSIDERING the limitations of the Financial Services Compensation Fund, which provides coverage only for mutual funds and insurance products;

We, the undersigned, request that the AMF make victim compensation a priority, and that the Financial Services Compensation Fund also cover losses arising from fraud or insolvency related to a financial product sold by a registered member of the AMF, regardless of the type of product.

The signing period for this petition is over.

Signing deadline : March 11, 2013

Number of signatures : 587

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