Industry News

Madoff sentenced to 150 years

A federal judge has sentenced Bernard Madoff to 150 years in prison for masterminding the largest Ponzi scheme ever. The sentence is the maximum that he could have received. U.S. District Judge Denny Chin was apparently unmoved by Madoff’s statement of contrition: “I live in a tormented state for all the pain and suffering I […]

By Staff |June 29, 2009

3 min read

British regulator bans commissions

Last week, the U.K.’s Financial Services Authority (FSA) issued rules that essentially codify a fee model for British investment advisors (IAs) and ban collection of commissions by IAs. The rules will take effect in 2012. The FSA’s principles-based regulatory regime was savaged by investors, government officials and the media following its failure to catch or […]

By Philip Porado |June 29, 2009

2 min read

Briefly:

Scotiabank’s Commodity Price Index rallied by 2.2% month over month in May. The index, which measures price trends in 32 of Canada’s major exports, hit bottom in April, plunging 45% below its peak in July 2008. However, China’s renewed infrastructure spending and its steady pickup in industrial activity is pushing the index out of its […]

By Staff |June 29, 2009

3 min read

Ottawa names financial literacy task force

Calls for increased financial education finally appear to have been heard, as the federal government has commissioned a new national task force on financial literacy. The task force, announced by Finance Minister Jim Flaherty in Toronto on Friday, will be chaired by Sun Life CEO Donald Stewart. The task force was promised in the 2009 […]

By Steven Lamb |June 26, 2009

4 min read