The Senate banking committee has issued 20 recommendations designed to improve customers’ treatment at the hands of the financial industry.

The Standing Senate Committee on Banking, Trade and Commerce calls on the federal government to take a leadership role in creating a single national securities regulator by June 30, 2007. It says the regulator should be based in Ottawa. And, it says the government should ensure the self-regulatory organizations are operating with a minimum of conflicts of interest and ensuring consumer protection.

On the crime front, it recommends that the government ensure that the RCMP’s IMETs are adequately resourced. And, that it look at ways to enhance prosecution of corporate crime.

The committee also recommends the amalgamation of the existing ombudservices to provide a single point of access for complaints. It also set out guidelines for transparency, independence, accessibility and efficiency for the combined service.

The report proposes that the government study ways the industry could provide better access to credit; that it review barriers to entry, with an eye to improving competition; that it examine alternative firms, such as payday loan providers; and, that the government should appoint someone to review the role of hedge funds by March 31, 2007.

The report also calls for improving consumer education in financial matters, through the federal and provincial governments, the Financial Consumer Agency of Canada, and various other groups. It demands greater federal funding to federal agencies to deliver consumer education. And it recommends improving transparency in both the securities and insurance industries regarding commission structures.