In light of the ongoing mutual fund investigations in the United States, Canada’s business leaders want the main Canadian securities regulators to assume a leading role in policing the mutual fund industry. According to respondents, those individuals and fund companies that participate in improper trading activity should face serious consequences; with mutual fund managers facing criminal charges and mutual fund companies losing their right to operate funds.
In fact, the recently publicized controversy in the mutual fund industry has the potential to cause serious long-term repercussions for investors. Investor confidence among business leaders is significantly lower, with more than half of business leaders saying they are less likely to invest in mutual funds then they were in the past and none saying they are likely to invest more.
These are the key findings from the COMPAS/Financial Post business leader survey conducted under the sponsorship of the Canadian Chamber of Commerce.
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