Investors have launched a proposed class-action lawsuit against BMO Nesbitt Burns, BMO Trust Company and the BMO Bank of Montreal, claiming the company intentionally failed to change operational practices in response to 2001 Income Tax Act changes so they could continue to earn profits from foreign exchange fees at the expense of class members. The […]
Industry watchers say that at many standard brokerages, clients are getting services at a discount, with many brokers charging even less, on average, than what it would cost to transact business at a discount brokerage. Those studying the issue say there are a number of factors contributing to the problem. For one, business is booming […]
Mackenzie Financial Services formalized its long-standing partnership with Cundill Investment Research Thursday when the company entered into an agreement to acquire all of the investment manager’s assets. Managers on both sides say the deal is a natural and logical extension of the existing relationship. The Cundill group of managers, known for their fundamental-value approach to […]
The Canadian Securities Administrators has published proposed rules governing soft-dollar arrangements where advisors use commissions to pay for trading-related goods and services, including incidental advice, research, analytical tools and trade execution. The proposed National Instrument, Use of Client Brokerage Commissions as Payment for Order Execution Services or Research (“Soft Dollar” Arrangements), reviews responses to past […]
Oil and gas companies are generally not known for their environmental, social and governance practices, but in response to investor demand for such information, Jantzi Research has come out with a new report that analyzes and ranks producer performance across a broad range of ESG issues. In the report, entitled Oil and Gas in a […]
A group of fee-only financial advisors calling themselves the Investor Awareness Project is urging investors to sign a petition, demanding brokerage firms and banks be required to issue monthly statements that include basic performance measurement statistics like annual returns and benchmark comparisons. Current reporting standards are inadequate, they say, since there is no way to […]
Quietly and with no official announcement, the board of the Centre for the Financial Services Ombudsnetwork has voted to disband and close up shop. The centre was launched in December 2001, intended to create a single contact or point of entry for consumers and provide direction to the appropriate industry ombudservice for dispute resolution, including […]
Analysts are divided over whether Bank of Canada governor David Dodge will announce another interest rate hike on Tuesday. Following the bank’s last announcement in May, all signs suggested that the bank was done hiking rates. Surprise employment and core inflation numbers, however, may well have upset those odds. Economists Marc Levesque of TD Securities, […]
Small, privately-held companies are most at risk if an avian flu pandemic or similar disaster ever materializes. But failure at these firms could significantly impact markets by disrupting supply chains and in some cases unravelling contingency plans made by larger companies. A recent Conference Board survey of 553 global companies found that most companies say […]
If a recent survey conducted by Decima Research and Mackenzie Financial is any indication, the majority of your clients don’t know about recent federal government changes that allow taxpayers to donate securities to charity and pay no capital gains tax. Mackenzie though expects charitable giving awareness to grow, and hopes to facilitate the movement, and […]