The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

2 -- PORT PERRY STAR -- Tuesday, January 19, 1988 Speaker claims de-regulation could hurt the Canadian public _De-regulation of the financial ser- vices industry in Canada will lead to a dis-mantling of the traditional "four pillar" structure that has served this country well for many years, according to Brian O'Malley, president and chief executive officer of Standard Trustco Ltd. Mr. O'Malley was guest speaker at the Scugog Chamber of Com- merce annual dinner meeting in Port Perry January 12, and he open- ed his 20 minute address by admit- ting he has '"'a certain bias" in favour of trust companies. But he went on to paint a gloomy picture of what may happen to the financial services industry as a result of de-regulatory measures on the part of the federal government. Noting that in recent months several trust companies and smaller banks have been closed or merged, opted not to smooth the troubled waters, but rather stepped in with legislation to further de- regulate the industry. One fall-out already has been the take-over by the large banks of in- vestment firms with strong rumours that others are about to be taken over. The four-pillar structure of finan- cial services (banks, trust com- Out-going president Elgin Knopp with guest speaker Brian O'Malley at the Chamber of Commerce dinner last week. Mr. O'Malley spoke about the problems with de-regulation of the finan- cial services industry in Canada. He's president of Standard Trustco. : | MOVING | SALFK BARRY"S FLOWER SHOP 163 Queen 8t,, Port Perry "Silk Arrangements, House Plants, Giftware, etc. Open 9 AM to 5:30 PM * Sale does not apply to fresh arrangements or cut flowers. 4 Great Days of Savings - Tuesday to Saturday JANUARY 19th to 23rd 40-50% OFF EVERYTHING IN THE STORE * | D> panies, credit unions and insurance companies) is passing and "this is regrettable' because it may hurt the consumer in the long run. He admitted that it's too early to say whether the "big is beautiful' approach will be successful in Canada, but he noted that in the United States, studies have shown that the huge "financial super- markets" offering a full range of services have not been very efficient. De-regulation, he predicted will lead to a concentration of power in the control of a few large con- glomerates which will result in less competition, rather than more and this will ultimately hurt the average consumer of such services. Mr. O'Malley said there has been 'aggressive lobbying' on the part of large corporations for de- regulation, but there has been no out-cry from the consumer (general public). "We are trying to change the fan belt with the motor running, and there is no real evidence that the belt even needs to be changed," he stated. He suggested that the federal government should slow down the efforts to "tear apart' the four pillars of the financial services in- dustry, and both the federal and pro- vincial governments should stop their squabbling over which has legislative control over this industry. There is no evidence, he said, that the Canadian public is pushing for de-regulation. (Turn to page 10) A special Chamber of Commerce Plaque was presented to Dorothy Forder by Grant MacDonald. The plaque recognizes the contribution made to the business community by Howard Forder Realty from 1972 to 1987. CHESTERFIELD SUITES - LOVE SEATS " SECTIONALS - MATTRESSES -- A Large Selection -- LESS THAN 1/2 PRICE! McKEEN FURNITURE 524 Simcoe St. S., Oshawa - 725-5181 Ge Dennis J. Hogan ann Hearing | Hearing Aid Consultant c Aid (Centre ¢f Port Perry Dr. E. Mueller's Office - 24 Water St. S., © Plaza, Port Perry, Ontario LOB 1NO 985-3003 985-9192 EVENING AUTOMOTIVE SERVICE Commencing Thursday Evening February 4th, 1988 PHILP PONTIAC BUICK LTD. will be extending their regular SERVICE DEPARTMENT HOURS of 8:00 AM to 5:00 PM Monday through Friday to include THURSDAY EVENINGS to 9:00 PM -- BY APPOINTMENT -- Experienced, Licensed Service Technicians on Duty | Cash -- VISA -- Mastercard Philp Pontiac Buick Ltd. 10 Vanedward Dr., Port Perry 985-8474 SINCE 1976 * PONTIAC - BUICK - GMC TRUCKS ee A a I gn Eo ------------