Case Studies


Select a Date Range

Firm acted fairly and reasonably when refusing a request made under a power of attorney

Posted on Tuesday, July 16, 2019 02:00 PM

Key learnings

  • All actions taken by a person using a power of attorney document (POA) must be for the benefit of the person who granted the POA.
  • A financial firm can refuse a transaction request made by a person using a POA if the firm has a reason to be concerned that the request is not being used for the benefit of an account holder.

Mr. D was a terminally ill senior. He had named his daughter, Ms. M, to be a substitute decision maker for him in a POA. In early 2018, she contacted his investment firm...

Client’s credit card is frozen because he refuses to answer a question about his occupation

Posted on Friday, May 24, 2019 03:00 PM

Key learnings

  • Banks must ask consumers for certain information to meet their legal obligations and to help them make risk decisions.
  • Consumers will not have access to certain products or services if they do not provide the required information to banks.


Mr. F had held his credit card, and a number of other products, with the bank for over 25 years. In early 2018, he noticed he had not received his credit card statement in the mail. He called the bank. He asked about the missing statement. The...

The bank is responsible for correcting issues arising from their own administrative errors

Posted on Thursday, December 06, 2018 09:00 AM

Key Learnings

  • Administrative errors are the bank’s responsibility. But the customer must show evidence that they took reasonable steps to resolve any issues.

  • The bank is responsible for non-financial harm placed on the customer because of the bank’s action/inaction.

In early 2016, Mr. and Mrs. J noticed that their bank had not taken the regularly scheduled mortgage payments from their account. The couple had diligently paid their mortgage on time for the past 5 years. When they noticed the discrepancy,...

Understand RESP categories when making withdrawals

Posted on Wednesday, April 25, 2018 02:15 PM

Key Learnings:

  • There are different types of RESP withdrawals, and the choice you make can have important financial consequences. Always review your RESP withdrawal options with your advisor.
  • Make sure you understand the tax and cost implications of withdrawals from your RESP and work with your advisor to create a withdrawal plan that is best for you and your family. Otherwise, your beneficiary may lose out on government grants or have to pay additional income taxes.

Ms. K had a family RESP for her...

Be aware of your responsibilities for paying your credit card on time

Posted on Tuesday, March 27, 2018 10:00 AM

Key Learnings:

  • You are responsible for making any outstanding payments on your credit card.
  • Accepting the terms and conditions for a product means that you agree with and acknowledge them.

Mr. S had his credit card for approximately one year. He made regular monthly payments online. Every month, he said he received an email notification that his online statement was available.  At that point, he would look at it and note the due date on which his payment was due.

After the bank updated its website,...

High Contrast Mode is on