Some investment firms are not adhering to new conflict of interest rules, regulatory review concludes

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Report from New Self-Regulatory Organization of Canada found weaknesses related to selling proprietary products

Some Canadian wealth management firms are not adhering to new conflict-of-interest rules, particularly when selling their own proprietary products, according to a new compliance report by an industry watchdog.

While the rule applies to any type of conflict – such as third-party compensation, product recommendation, sales incentives – the New SRO review identified specific gaps by investment dealers in controls to address conflicts associated with the sale of proprietary products. Shortly after, both IIROC and the MFDA, along with the Canadian Securities Administrators, launched an industry-wide compliance sweep to determine how the new rules were being implemented by investment firms – including the Big Six banks.

the nature and extent of the conflict; the potential impact and risk that a conflict could pose to the client; and how the conflict of interest has been, or will be, addressed by the investment dealer.to provide evidence to regulators that they are addressing the conflict in the best interest of the client.

 

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