This is negative for Canadian investors. Basically, three banks in particular (RBC, TD and CIBC) are no longer going to use outside funds for their clients. They're saying that the issue is "Know Your Product" regulations, but it's hard to see this as anything more than increasing profitability.
Independent advice is so critical, and obviously it's just not happening in Canadian banks.
https://www.theglobeandmail.com/busi...pare-for-rule/