Overview

• The survey of 2,862 mutual fund advisers at Canada’s Big Five bank dealers in Ontario was conducted at the end of 2024.
• About 24% of advisers said they sometimes recommended products or services not in their clients’ best interests.
• Approximately 33% reported providing incorrect information about the products and services they recommended to clients.
• The review found that 68% of advisers experienced sales pressure at least sometimes and 44% feared job loss if they failed to meet targets.
• OSC and CIRO will use a second review phase to examine adviser scorecard systems and conflict-of-interest controls before determining any further compliance action under securities law.