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- Canadian Securities Administrators
- Ontario Securities Commission
- Mutual Funds Dealers Association of Canda (MFDA)
- Investment Industry Regulatory Organization of Canada
We strive to provide our clients with the best advice to help them meet their financial goals. We also continually look for ways to enhance the support we provide our employees to help them give our clients the best advice possible.
PFSL Investments Canada Ltd. has operated for 22 years with an unwavering commitment to clients. Our company enjoys an excellent compliance record, and we endeavour to always act responsibly in the event that an issue was to arise regarding a representative.
Edward Jones strives for clarity when communicating fees and costs to clients.
Our advisors are fully trained to help clients achieve their financial goals. Our financial advisor training program is robust and covers all aspects of fees and commissions. In addition, our advisors follow a five-step process that helps them (the financial advisor) understand the client's goals and risk tolerance before recommending a tailored investment strategy to meet the client's need(s). During the presentation of the investment strategy, the financial advisor would provide a detailed explanation of any costs related to the recommended investments. Edward Jones is proud that our clients ranked us highest in investor satisfaction with full-service brokerage firms, according to the J.D. Power 2013 Canadian Full Service Investor Satisfaction StudySM.Edward Jones cannot speak to a specific conversation that may have been taken out of context during the course of an introductory client meeting where no account was opened or specific investment agreed upon. To learn more about fees and costs, in addition to all services provided by Edward Jones, please see https://www.edwardjones.com/en_CA/disclosures/index.html.
Dundee Wealth (now called Hollis Wealth and owned by parent company Scotiabank)
Scotiabankers work hard to help our customers become better off financially. The Bank’s employees work with customers to provide the advice and solutions that best suit each customer’s needs.
Our financial advisors manage many customer inquiries daily and have a high satisfaction rating in the industry. Our advisors follow rigorous know-your-customer rules to verify clients’ personal and financial information, risk tolerance and investment objectives. This rigor underlies the “suitability assessment” required by the Investment Industry Regulatory Organization of Canada (IIROC). The compensation for our advisors reflects industry standards.
The concern raised by CBC Marketplace is an isolated incident where the CBC’s mystery shopper spoke to an advisor who would not typically manage requests of this nature. That employee made a mistake and in doing so, contravened our guidelines and industry standards. It is also important to note that further processes would have been applied if an investment had actually been initiated.
We are taking this matter seriously and reported it to IIROC. We accept responsibility for our employee’s error and have taken measures to prevent this from happening again. The employee was suspended pending further internal review.
Follow-up statement from Dundee, in response to additional questions from Marketplace.
Scotiabank takes this matter very seriously. We accept responsibility for our employee’s actions and have taken measures to prevent this from happening again. Our internal review is ongoing. The review will be done as quickly as possible. For employee privacy reasons, we cannot provide details of the review. We would greatly appreciate a copy of the CBC Marketplace transcript to assist our review.
Marketplace approached Canada's financial services regulatory agencies, and offered them an opportunity to review our undercover footage and respond in an on-camera interview. Two are publicly funded: the Canadian Securities Administrators and the Ontario Securities Commission. The Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of are funded by their member organizations.