Management and Organizational Studies 2275A/B Chapter Notes - Chapter 25: Fiduciary, Disclose, Cheque

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Traditionally canadian financial services industry was strictly split into banks, trust companies, stockbrokerages, and insurance companies. Internationalization (1980"s) caused deregulation and allowed banks to go beyond their traditional duties - subsequent legislation allowed for great structural flexibility liberalized ownership rules for banks. Key remaining limit is prohibition against selling or promoting insurance products in their branches. Increasingly offering international services governed by voluntary rules created by international bodies (bank for international settlements and. Financial consumer agency of canada protect and educate consumers through monitoring institutions" business practices (account fees and credit ratings) Centre for the financial services ombudsnetwork complaints. Common law and banking practices imply legal duties. The bank must: honour payment instructions and repay debts, collect payments for the customer, provide account info to the customer on a regular basis, maintain secrecy of the customers" affairs (subject to money laundering) Money laundering the false reporting of income from criminal activity as income from legitimate business.