The State of Risk Profiling in Canada - Ouch!

FinaMetrica provides a risk profiling tool to the financial advisory industry worldwide and a version to individual consumers. Here is what they had to say about the state of affairs in Canada in Risk Profiling: Art and Science:

"...

In countries like Canada, the regulator appears to be significantly behind many other countries. The regulatory framework in Canada is complicated with disputes between  the provinces and federal government over jurisdiction and a recent Supreme Court decision recently delayed or derailed attempts at a single regulator. Regulation of mutual funds, stock brokers, banks and insurance firms all fall under different regulatory bodies in Canada further complicating the picture. The investment  regulators in Canada are still substantially focused on product level risk assessments  with little or no framework to look at the client holistically."

Sadly, not very flattering.