Global regulations could hurt Canada: Sun Life
The head of Sun Life Financial says Canada could be put at a disadvantage by new financial regulations being proposed by some governments.
The Canadian insurance company’s chief executive, Donald Stewart, says Sun Life is working with the federal government to address the potential challenge. Prime Minister Stephen Harper has been adamant in his stance against a tax on banks that would be used to fund bailouts in case of crisis.
Harper and Canada will be host to a summit of G8 and G20 leaders next month and talks ahead of the meetings have included proposals for a bank bailout tax. Stewart says it would be ironic if Canada is disadvantaged by new rules intended to deal with the type of global financial crisis that erupted in late 2008. He says that’s because Canada emerged from the economic crisis in better shape than other, less stringently regulated countries.
