The financial services sector has come under the spotlight since the 2008 recession. Financial services companies were often fingered as the culprits responsible for the downturn. Even in Canada, where our banking system served us well, politicians and public servants responded with new legislation and regulation adding to a tangle of preexisting rules.
As it is, the Bank Act is reviewed every five years. Tax and regulatory changes appear every budget. Parliamentary committees and MPs always have an opinion on new ways to structure the sector. But it's not just the feds.
Provinces get into the act through regulation of credit unions, provincial institutions, and various kinds of insurance. Between the two senior levels of government, everyone gets hit: Banking, insurance, and brokerage; foreign and domestic, large and small.
Without continuous communication between the sector and government it's easy to get steam-rolled by a change in regulation. Yes, it's complicated, but experienced advisors can help cut through the fog.
The New West team has been there. For most of a dozen years, the Hon. Monte Solberg, P.C., served as a Member and Vice Chair of the House of Commons Standing Committee on Finance. He later became the Minister responsible for Canada Mortgage and Housing Corporation. Under Prime Minister Harper, he served in cabinet on the Economic Growth and Long-term Prosperity Committee. Monte has worked on scores of files in the financial services sector, both as a Member of Parliament and Minister, and as Senior Advisor to some of Canada's largest financial service companies.
The team at New West Public Affairs can help you with talking to the government, the public, and key stakeholders on your most important financial service sector issues.