(December 11 – 11:05 ET) – Royal Bank Action Direct is removing the suitability review from client orders.

The exemption granted by the Canadian Securities Administrators puts Action Direct on a equal footing with other discount brokers such as BMO Investorline and E*Trade Canada.

“This change recognizes that most Canadians who use the services of a direct investing firm wish to exercise their own judgment and independence,” said Doce Tomic, vice president of Royal Bank Action Direct, who will assume the duties of president and CEO of Action Direct in the new year. “With this change we believe we will be better able to serve those clients who do not wish to have suitability requirements for their trades.”

“Royal Bank Action Direct will now be able to process client orders more quickly, ensuring the best possible service and prices for buy and sell orders,” said Tomic.

Over the coming weeks, Action Direct clients will be asked to formally accept the changes to the suitability review online or by contacting a Royal Bank Action Direct Investment Representative.

Once accepted, the suitability review will be eliminated and self-directed clients will experience quicker processing of orders than was the case before the suitability review was dropped.
-IE Staff