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In the written statement, James said: “British Columbians believe in fair play and that everyone should have to play by the rules. The decision to allow the hundreds of millions in fines issued by the British Columbia Securities Commission to sit uncollected was not in the best interests of British Columbians.”

In her statement, James noted the securities commission is an independent regulator at arms-length from the government, saying “we would encourage any proposals from the BCSC on any new mechanisms they may need to collect the fines they levy under the B.C. Securities Act.”

No details were released by James, who ministry officials said was unavailable for an interview, on how the provincial government would followup or monitor any proposals.

James said that in a broader context, the province is looking at all of the tools at its disposal, including ways to address tax evasion and money laundering.

Postmedia’s examination of other provincial commissions’ financial records showed they are not stellar, but they are better than B.C.’s.

For example, the Ontario Securities Commission has a collection rate of about 18 per cent in the past decade. Still there are $370 million in uncollected fines.

Recently, the OSC hired a specialized law firm to help boost collections.

Experts say that if penalties are not collected, it can create a situation of impunity, which fosters more violations.

The B.C. Securities Commission has acknowledged the poor collection rate, but says it is the nature of the fraudulent activity and the perpetrators that makes collection difficult and unlikely because they have spent or hidden the money — or fled.