Court of Appeal Confirms No Duty to Disclose Beneficiary Changes
November 9th, 2022
If a client asks their investment dealer to change their account beneficiary, does the dealer need to tell the beneficiary? Firms will be relieved by the Ontario Court of Appeal’s decision in Fair v. BMO Nesbitt Burns Inc., 2022 ONCA 711, which confirmed the answer is no (with some qualifications). In this case, the client Lloyd Fair changed the beneficiary on his TFSA and RIF account from his wife Anne to his children from an earlier marriage. He did not tell Anne, who held other accounts in her own name at BMO naming Lloyd as beneficiary. BMO also did not ... [more]
Ontario’s top court reinstates securities class action against Cannabis company
September 26th, 2022
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