Do you need that bank mutual fund? Maybe not Jul 10th

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Do you need that bank mutual fund? Maybe not

– moneysense.ca

A regulator-led survey of Ontario mutual fund dealers based out of big banks finds a sizable minority are not always acting in the interests of clients.

The survey of close to 3,000 dealers by the Ontario Securities Commission and the Canadian Investment Regulatory Organization found that 25% say customers have at least sometimes been recommended products or services that are not in their interest.

The results show sales pressures and compensation structures may be creating a problem, said OSC chief executive Grant Vingoe.

“While it’s clear many bank representatives are prioritizing quality advice, it is also clear that sales pressures and incentivization may be driving concerning behaviours,” he said in a statement.

The survey also showed about one in three representatives say customers had been provided incorrect information at least sometimes, while 32% agreed that the way compensation is structured, it places more value on sales volumes than the quality of advice given to clients…

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