The December 2006 report, Breach of Trust,Breach of Trust, Forum Magazine. Advocis, The Financial Advisors Association of Canada. December 2006 summarized the facts underlying previous and subsequent presentations made by Leslie Hayman to the government on behalf of more than 4500 income trust investors, fund managers and analysts who subscribed to Reports on the market by TrustInvestor.com. Its on-going in-depth analysis indicated that flow-through structures provided generally greater contractual transparency in business management and better total overall returns to investors than other equity issuers and issues in general, while providing relatively high and growing tax revenues to governments compared to other public equities and securities. Government regulation caused market volatility that broke the confidence of investors, many being retired do-it-yourself investors who rely on investment income: Government-driven volatility caused by both the Liberal government in 2005 and the Conservative government in 2006-2007 not only hurt the assets and diminished quality of life for Canadian investors. The Conservative Party won the Federal election on the basis that they and their leader, Stephen Harper promised to protect income trusts from additional taxation. By frightening investors into professionally managed funds, their policy-driven volatility strengthened the oligopoly among Canadian banks and financial services.
