We urge investors to read this judicial decision . It has a number of lessons that can help ordinary Canadians prevent a lot of problems.
Here are a few:
- Contact the applicable regulator to check on the background of your advisor
- Understand that advisors are not required to act in your Best interests
- Understand that many advisors are paid by sales commissions
- When filling in forms, be modest about your investment knowledge , risk tolerance investment experience and financial position. Never leave any block blank.
- Retain a signed and dated copy of your account application form ( KYC )
- Place orders to buy and sell carefully and ensure trade confirmation slip matches your instructions. If not, contact the dealer immediately
- If not happy with action /explanation, file a formal complaint without delay
- Provide KYC updates to dealer when your personal situation changes
To review the case click here
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