Canada’s big banks have a new enemy: retirees - The Globe and Mail

The Globe and Mail reports on the conflict between Canada’s big banks and the Canadian Association of Retired Persons (CARP) over the banks' decision to stop selling third-party mutual funds in their branches. CARP has accused the banks of prioritizing profits over seniors' interests, while the banks argue that the decision was made to mitigate regulatory risks. The issue stems from a 2019 regulatory change by the Ontario Securities Commission (OSC) that required in-branch investment advisers to have extensive knowledge of all the funds offered to clients. CARP is now framing the absence of third-party funds in bank branches as a seniors’ issue, and is calling on the OSC to force the banks to sell these funds. The OSC and other regulatory agencies are currently reviewing the matter.