FAIR Canada has written to the Prime Minister of Canada, the Federal Minister of Finance and the Federal Minister of Justice calling for action to combat financial fraud by implementing the key recommendations contained in its report
. FAIR Canada has also written to the Provincial Ministers of Finance to work with their federal and provincial counterparts on a problem that has, and continues to, devastate the lives of far too many Canadians.
March was
Fraud Prevention Month. In anticipation of the focus on financial fraud, FAIR Canada released its Report on February 18, calling for government and regulatory action to improve the prevention, detection and prosecution of financial fraud. The Report also recommends broader compensation coverage for victims of investment fraud.
Two of the key recommendations in our Report call on the Federal Government to provide strong leadership to effectively combat financial fraud:
- Federal and Provincial Attorneys General should convene a summit with regulators and police to discuss how Canada can do a better job of preventing, detecting and prosecuting financial fraud.
- A new expert national agency should be created under the auspices of the Attorney General of Canada dedicated to combating financial fraud.
Support for Action on Fighting Fraud
FAIR Canada's report has resonated with consumer and victims' groups across Canada. On March 15, twelve fraud victims' groups issued a press release supporting the recommendations contained in the FAIR Canada Report, including the call for a new national expert agency to combat financial fraud. In a letter to the Federal Minister of Justice and Attorney General and the Federal Minister of Public Safety, the victims' groups advised that they are keen to be actively engaged in co-organizing and participating in a Summit on Investment Fraud Enforcement.
The Consumers Council of Canada, the Common Front for Retirement Security, and the Small Investor Protection Association have been supportive of the recommendations contained in the FAIR Canada report. In addition, in a recent speech to the Canadian Club, the new Chair of the international CFA Institute, Margaret Franklin, has called on the Federal Government to create a national expert financial fraud agency.
