Ms. Y opened a managed investment account with an advisor at an investment firm and transferred her entire life savings of $253,000. At the time, she was middle-aged, a single parent of four dependent children, and the owner of a small business with a net worth of $600,000. Her documentation showed she had a medium-risk tolerance, a willingness to accept losses of 10 to 15%, and limited investment knowledge and investment experience. She relied entirely on her advisor for investment advice, and he exercised full discretionary authority over her accounts.

Mr. and Ms. D wanted to purchase a home and applied for a mortgage. Because their down payment was less than 20% of the purchase price, the mortgage was required to be insured under Canadian mortgage rules, and the bank arranged mortgage insurance as part of the financing.

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