OEO/advice

IFIC responds to CIRO’s consultation on non-tailored advice from OEO dealers

Published on: February 28, 2025 Provided in: EN
Association supports regulator’s evaluation and highlights key points for consideration

February 28, 2025 (Toronto) – The Investment Funds Institute of Canada (IFIC) has made a submission to the Canadian Investment Regulatory Organization (CIRO) in response to its consultation evaluating the limitation of advice in the order-execution-only (OEO) channel.

CIRO’s evaluation of this important subject is timely, given the significant growth and evolution of do-it-yourself (DIY) investing and the increasing reliance of many DIY investors on non-traditional sources of information and advice, as captured in the 2024 CIRO Investor Survey.

Once the review is completed, CIRO anticipates that it will propose revisions to the current OEO guidance.

“We support CIRO’s review and its strategic objective to enhance investor access to non-tailored advice, including DIY investor access to high-quality information from verified sources and self-help tools to help them make better investment decisions,” said Andy Mitchell, President and CEO, IFIC. “Whether OEO dealers are entitled to provide non-tailored advice to DIY investors in the future could be a key factor in whether CIRO achieves its important objective.”

IFIC also encourages CIRO to consider these points regarding the regulatory expectations of OEO dealers and recommends that CIRO:

  • clarify certain ambiguities within the OEO guidance, including the definition of “recommendation,” and
  • review and update the list of permitted decision-making tools to enable OEO dealers to provide investors with improved access without providing tailored recommendations.

About IFIC

The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation.

For more information

Christine Harminc
Senior Manager, Communications and Public Affairs
charminc@sima-amvi.ca 
416-309-2313

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