(February 7 – 10:50 ET) – Discount broker CIBC Investor’s Edge says it will stop performing suitability reviews for client orders on discount brokerage accounts after satisfying the requirements of the Canadian Securities Administrators.

Last year, after heavy lobbying from the discount brokers, the CSA granted relief from the suitability review process to brokers for clients who trade without receiving advice and who agree to be responsible for their own investment decisions. Several other firms have already taken advantage of these relaxed restrictions.

“Timely trade execution is a priority for our Investor’s Edge clients,” says Donna Lalumière, president and CEO, CIBC Investor Services Inc. “With this approval from the CSA, we will now seek consent from our clients to trade without suitability checks so that we can process trades faster for our customers and help them gain complete control of their portfolio with the ongoing convenience of a self-directed discount brokerage service.”
-IE Staff