Fourth Edition of Rendez-vous with the AMF - Focus on Roles and Responsibilities in Financial Matters

Organization

Montréal – The fourth edition of Rendez-vous with the AMF, held today in Montréal, generated thoughtful discussions and exchanges among senior executives from the Autorité des marchés financiers (AMF), guest speakers and over 500 delegates from the financial products and services industry.

Participants engaged in lively discussions on current topics of interest to the financial industry, such as issues affecting global financial markets, the repercussions of tax havens on financial market integrity and the impact of climate change on the insurance industry. "The magnitude of the importance of the financial industry in society and the role that regulatory organizations must play to ensure optimal industry efficiency are being felt right around the globe," noted AMF President and CEO Jean StGelais.

Shared responsibility
The issue of the role and responsibilities of consumers, the financial industry and regulators also sparked animated exchanges. Walter Merricks, Chief Ombudsman of the UK Financial Ombudsman Service, reminded the audience that while "the law and regulators’ rules place obligations on financial firms, consumers can also do sensible things to help themselves." He added, however, that although investors "have the right to make fools of themselves, they also have a right not to be made fools of" and that "consumer responsibility should not allow misbehaving firms to blame their victims for being too gullible."

Jacques Nantel, Secretary General and Professor of Marketing at HEC Montréal, reminded participants that consumer confidence was shaken in the past year by tumbling markets and huge financial scandals and highlighted one key finding—that most small investors don't have either the skills or the ability to understand increasingly complex markets. "All consumer psychology studies concur that increased financial literacy is not by itself sufficient. Much, much more is needed; industry professionals must assume their responsibility," he added.

Prominent guest speakers
"The Rendez-vous is a must event for the financial industry and a major forum focusing on the various issues and challenges facing the industry. The credibility and reputation of guest speakers such as Québec Finance Minister Raymond Bachand, Mark Carney, Governor of the Bank of Canada, and Tiff Macklem, Associate Deputy Minister, Department of Finance Canada and Canada's Finance Deputy at the G7, G20 and the Financial Stability Forum, contributed to the success of this year's edition of Rendez-vous with the AMF," added Mr. St-Gelais.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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