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Trending

Oct
04
2018
Rob Carrick of the Globe and Mail reports on how Manulife is offering to get people out of their IncomePlus Guaranteed retirement income product sold between 2006 and 2009 and switch into a different GIF series 75 segregated fund product. The product came with a guarantee that the person could withdraw 5% of their investment […]
Sep
26
2018
Professor Anita Anand, in an opinion piece in the Globe & Mail, makes three criticisms of the Ontario Ministry of  Finance’s Statement on the Mutual Fund Fees reforms wherein the government stated it disagrees with the proposal that was issued by the  CSA: (i) it undermines the rule-making process; (ii) fails to address investor protection […]
Sep
20
2018
A class-action lawsuit regarding trailing commissions paid to discount brokers on CIBC mutual funds has been proposed against the Canadian Imperial Bank of Commerce (CIBC) and CIBC Trust Corp. The lawsuit alleges investors who hold the mutual funds in discount brokerages receive no value for the trailing commissions paid. Class actions have also been launched […]
Sep
17
2018
Barrie McKenna writes how conditions for investors may be getting worse as The Bank of Nova Scotia has left OBSI in favour of choosing its own arbiter, and the Canadian Securities Administrators backed off requiring financial advisors to make decisions in the best interests of their clients and also decided not to ban the practice […]
Sep
17
2018
The Globe and Mail’s editorial supports changing the banking rules so that banks cannot choose their dispute resolution provider: “Our banks should not be allowed to choose their own umpires. Ottawa should make them stick with the OBSI.”
Sep
17
2018
Clare O’Hara and Tim Kiladze of the Globe and Mail report on how Ontario’s decision to interfere in a national review of mutual fund fees has thrown the six-year study into disarray, raising questions about the prospects for change, including the elimination of the Deferred Sales Charges.
Sep
07
2018
David Michaels, a former mutual fund salesman, was found by the BCSC in 2014 to have illegally sold $65 million worth of high risk exempt securities to 484 investors, mainly seniors. He collected approximately $5.8 million in commissions and had sanctions imposed by the BCSC totalling $23.3 million ($17.5 million fine and repayment of the […]
Aug
30
2018
The Ontario Securities Commission’s Investor Office has recently published research to better understand and address investor needs and issues. Recent studies include Taking Caution: Financial Consumers and the Cryptoasset Sector; Getting Started: Human-Centred Solutions to Engage Ontario Millennials in Investing; and Encouraging Retirement Planning through Behavioural Insights. We encourage everyone to take a look.  
Aug
29
2018
Sandro Contenta of the Toronto Star describes how an elderly TD Bank client was defrauded through the grandparent scam. This case demonstrates that Canada needs to implement training and education of staff and make appropriate materials available for staff and for customers so there is greater awareness of the red flags of fraud and front […]
Aug
14
2018
Fortress faces further legal action: A receiver has been appointed to take control of a Fortress Real Developments Inc. project on the waterfront in St. Catharines, Ont., adding to the growing list of legal problems facing the development company.