Are leaders' responses acceptable?

In February 2004 SIPA issued a report entitled "The Small Investors Perspective of Investor Protection in Canada". It was based largely upon anecdotal evidence gathered since SIPA was founded in 1998.
We have had the opportunity of speaking with hundreds of small investors and also with individuals working in the investment industry. This has enabled SIPA to outline how the industry operates and the challenges faced by investors in dealing with this industry.
The report was delivered to 25 leaders across Canada including the Prime Minister, the provincial premiers and several other key ministers and leaders.
Some of the responses are shown in part to illustrate the range of response received.
SIPA continues to contact both our provincial and federal politicians.
Lorne Calvert, Premier of Saskatchewan, Feb 20;
“Thank you for outlining your Association’s concerns regarding the impact of unethical investment advisors. I have taken the liberty of forwarding your letter to Honourable Frank Quennell, Q.C., Minister of Justice and Attorney General, for his information.”
Ralph Klein, Premier of Alberta, Feb 25;
“I have taken the liberty of forwarding your comments to the Honourable Greg Melchin, Alberta’s Minister of Revenue, for his review and further response on behalf of the Government of Alberta.”
Prime Minister’s Office, Feb 25;
“You may be assured that the points you raised, on behalf of the Small Investor Protection Association, along with your support for the Government’s measures to address the Auditor General’s concerns, have been carefully reviewed. … I have taken the liberty of forwarding a copy of your letter to the Honourable Lucienne Robillard, Minister of Industry…”
Jean Charest, Premier of Quebec, Mar 2;
“Thank you for your letter in which you ask the government to provide investor protection. Your query falls under the mandate of Mr. Yves Seguin, ministere des Finances and will be passed on to him to provide you with an appropriate response.”
Bernard Lord, New Brunswick Premier, Mar 3;
“Small investors are the backbone of Canada’s capital markets and your organization is an important voice for them. The introduction of a new Securities Act and the establishment of the New Brunswick Securities Commission will be significant milestones in New Brunswick’s economic history and of great benefit to your members.”
Greg Melchin, Alberta Minister of Revenue, Mar 15;
“I have been working with other provincial ministers responsible for securities regulation on an initiative to reform the way securities are regulated in Canada. Providing provincial securities commissions with the authority to order restitution to investors is an option that will be carefully considered as we move forward.”
Office of P.E.I. Premier, Mar 26;
“Please be assured that Premier Binns is aware that you have written and is appreciative of your efforts on behalf of our citizens.”
Greg Selinger, Manitoba Minister of Finance, May 03;
The Government of Manitoba shares the views of the Small Investor Protection Association (SIPA). That is why we amended the Manitoba Securities Act in 2003 to allow the Manitoba Securities Commission to order financial compensation (restitution) to an aggrieved investor after an administrative hearing.”
Cabinet du premier ministre, Quebec, May 4;
“Rest assured we have taken your document and its content into consideration.”
Yves Seguin, Quebec Minister of Finance, May 5:
“An indemnity fund exists in Quebec for the victims of fraud in insurance and in mutual funds. We are studying with interest the possibility of expanding this indemnity to the victims of fraud in securities sector as well.”
Ralph Goodale, Minister of Finance, May 31;
“I share your view about the importance of investor protection. Indeed, one of the fundamental objectives of securities regulation is to protect investors from unfair practices. It is imperative that any reforms to our current system of securities regulation measure up to this objective.”