About ScotiabankScotiabank is a leading bank in the Americas. ESG, if its not handled properly, risks being characterized as wokeism or as a distraction to running the business, and thats a very serious risk.. Mr. Grewal said the SEC often finds when it conducts document discovery that one party involved in an exchange of messages produces more communications than another. With a team of over 90,000 employees and assets of over $1.3 trillion (as at January 31, 2023), Scotiabank trades on the Toronto Stock Exchange BNS and New York Stock Exchange BNS. Daily content from Financial Times, the world's leading global business publication. As for Latin America, the region was hit hard by COVID-19, and some recent regime changes have investors worried about its banking climate. The rewards are greater for selling products that make your employer more money such as the banks own lineup of mutual funds, rather than a guaranteed investment certificate (GIC). For the 2023 ranking, Report on Business conducted a journalistic analysis of approximately 500 large publicly-traded Canadian companies based on revenue, evaluating the ratio of female-identifying to male-identifying executives in the top three tiers of executive leadership. If you don't see it, please check your junk folder. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Available for free with registration. Because theres already been so much turnover, the last thing the banks investors and crucially, its employees wanted is more upheaval. U.S. SECs crackdown on Coinbase, Binance puts other crypto exchanges on notice, SEC lawsuits against cryptocurrency companies raise questions about industrys future, Security alert! About The Globe and Mail The Globe and Mail is Canada's foremost news media company, leading the national discussion and causing policy change through brave and independent journalism since 1844. Granted, those down the most are smaller resource equities and cannabis stocks. Canadas third-biggest lender said last November that it planned to exit nine countries in the Caribbean, including Antigua and Grenada, by selling its operations to Republic Financial Holdings. Underperformers are shamed and held back from promotions. "Women represent more than 54 per cent of our global workforce, and by incorporating initiatives across our Bank including inclusive hiring practices, pay equity, market leading and flexible benefits, and more rigour around succession planning to ensure our talent pools are more diverse, we will continue to reduce barriers, creating a workplace culture where everyone feels empowered to reach their fullest potential. A year later, Mr. Sullivan was named the chief executive of IGM Financial, the Desmarais-owned parent company of IG Wealth Management and Mackenzie Investments. One could easily argue that there is no evidence of a systemic issue or regulatory gap involving the provision of advice to retail clients, Scotiabank wrote to regulators when they revisited the best interest standard in 2012. We are proud to be recognized for our gender diversity on the Women Lead Here list for the third consecutive year," says Barb Mason, Group Head and Chief Human Resources Officer, Scotiabank. There may be a higher risk of Canadians being sold unsuitable products, and banks are not doing enough to prevent that from happening, the report said. It had all become so ludicrous that people from rival banks started speculating about jumping ship to Scotiabank in hope of choosing the right horse, then landing a plum gig if that horse was named the next CEO. TORONTO, March 24, 2023 /CNW/ - Scotiabank is pleased to announce it has been included on The Globe and Mail's 2023 Report on Business magazine's Women Lead "At Scotiabank, we are committed to removing barriers, increasing opportunities and improving representation for all women. Attempts to modernize the system end up merely clarifying and refining the sales-based advice model, rather than moving past it. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family. Bank executives were summoned to testify before a parliamentary committee. Create an account or sign in to continue with your reading experience. Please try again. In some instances, banks sold investment funds that had an embedded yearly trailer fee for the adviser, even though the customers were fee-based clients who were already paying a fixed annual fee to have their investments managed. They should have never let it come to this. Investor-friendly initiatives tend to get watered down, delayed or thwarted in the face of industry lobbying, said Andrew Teasdale, an economist and independent financial consultant who has spent 15 years pushing for changes to Canadian securities regulation. A former chair of the board of Hydro-Qubec, he is also currently a director at Bank of Nova Scotia. Does new leadership make Scotiabank a buy? The FCAC later admitted that a draft of the report was shared with the big banks for review prior to publication. RBC has a strong culture of always doing what is right for our clients and we have reinforced this by embedding put client needs above our own, whatever our role into our Code of Conduct and sales practices, Ms. Bevan said in an e-mail. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/24/c5946.html, http://www.newswire.ca/en/releases/archive/March2023/24/c5946.html, Europe, US urged to investigate the type of AI that powers systems like ChatGPT, Bundesbank, BNP caution over EU euro derivatives clearing curbs on Britain, Marketmind: US housing rebound, China prime cuts, Russia fines Telegram and Viber over war-related content, MORNING BID AMERICAS-US housing rebound, China prime cuts. If that boils down to reducing what they can sell, then we have a big problem.. Advice that comes from getting to know you, not trying to sell you.. Scotiabank, BMO report Q1 profit dip as lenders set aside more money for loan defaults. While copper fundamentals look strong beyond 2025, the market should move into surplus next year., @SBarlow_ROB BofA sees pivot in commodity bull market (research excerpt) Twitter, " Evergrande and the end of Chinas build, build, build model Financial Times (paywall). This is the second explainer of an occasional series examining why the pace of progress in advancing investor rights in Canada has been so painfully slow, and what changes are needed to fill in the gaps. The association began to lobby for an exemption for anyone who holds either licence, which would include the bulk of advisers working in the industry more than 100,000 people. A stock valuation and forecasting report include rating, fair value assessment, return forecasts, market ratio-based valuations and comparable analysis. With our award-winning coverage of business, politics and national affairs, The Globe and Mail newspaper reaches 5.9 million readers every week in our print or digital formats, and Report on Business magazine reaches 2.1 million readers in print and digital every issue. Subscribe for only $71.99 annually, Scotiabank plan to sell Caribbean banks hits hurdle - The Globe & Mail, Working from home is becoming a once-a-week treat for more office goers, Canadians opting for shorter-term mortgages on hopes interest rates will drop, Posthaste: Canada's housing market rebound has beat expectations, but don't expect it to last, Canada's housing market may not be as risky as the IMF thinks, Israel's Exigent Hires Ex-Head of Bahraini Sovereign Wealth Fund, tap here to see other videos from our team. 3 weeks ago. Maybe Mr. Thomson has the magic touch. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The resultant data was applied to a weighted formula that also factored in company performance, diversity and year-to-year change. When your compensation comes from sales and not from the delivery of advice, there is always the potential for problems.. Scotiabank recognized for executive gender diversity on The Globe and Mail's Women Lead Here list, For further information: For media inquiries: Hazel Mistry, Scotiabank, hazel.mistry@scotiabank.com, 416-866-6744. The ranking companies have made tangible and organizational progress related to executive gender parity. HSBC and Scotiabank are the latest Wall Street companies to face penalties for employees use of personal devices and messaging apps since regulators launched a broad probe into the use of such platforms in 2021. James OSullivan, the retail banking head who replaced Anatol von Hahn in 2015, announced he was retiring in 2019. Even people Mr. Porter was once close with, at least professionally, such as Adam Waterous, left the bank. Marketing campaigns have mostly moved past pitching financial products, and instead frame the banks as the place to get good unbiased advice. 74 stocks (31%) in the TSX are trading in bear market territory, i.e., theyre down more than 20% from their high, and another 55 (23%) are down between 10% and 20%. In total, 90 companies earned the 2023 Women Lead Here seal, with a combined average of 46% of executive roles held by female-identifying individuals. That money will pay dividends for years because it has helped transform Scotiabank from what employees used to call the Kmart of Canadian banking, because it was so cheap, into a digital contender. And look who has been arguing the hardest against advisers being held to a fiduciary standard? Over the past decade, implied vol has traded at 6-6 points above realized on average, reflecting the cost of hedging. Progress in recent years has generally focused on making things clearer for customers. Realized vol captures the recent trend of actual market gyrations. Tying executive compensation to ESG metrics is pointless and ridiculous, Montreal ESG tech firm Novisto raises $20-million despite difficult funding market, ESG backlash may be dampening investor interest in U.S., but theres a rebound in Canada. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Managing directors across the firm and senior supervisors responsible for supervising junior employees, themselves failed to comply with firm policies by communicating using non-firm approved methods on their personal devices about the firms broker-dealer business, the SEC said in the order, published Thursday. Maybe its time for a different kind of advice, says the voiceover in a Scotiabank ad campaign launched last year. Heres a better reason, Scotiabank names Finning chief Scott Thomson as next CEO, Brian Porter retiring in January. In a settlement agreement with the Mutual Fund Dealers Association of Canada, Scotiabank admitted to supervisory lapses and agreed to pay a $1-million fine, as well as up to $10.8-million in compensation to clients. Scotiabank spokesperson Andrew Garas told The Globe the bank monitors and enhances its business practices on an ongoing basis to support employees in putting the needs of customers at the forefront of what they do. Royal Bank of Canada also reviews its sales practices and compensation structures annually to ensure that product neutrality is maintained, said spokesperson Kathy Bevan. The bank paid a fine, fired some advisers and said it addressed its supervisory lapses. The TSX pullback is even milder at 3.2%. With few exceptions, advisers are not held to a formal legal fiduciary standard in Canada. The current environment reminds us in many ways of a classical bull market pivot: prices rally, even though risks have been building, a combination that puts further cross-commodity upside at risk Driven by higher EV penetrations, nickel demand is expanding exponentially and producers need to strap on their boots to keep the market well supplied. To date, only one bank Toronto-Dominion Bank has limited access for branch clients to buy TD-branded ETFs. From our hiring and selection practices, to development and promotion, we're improving our institutional systems to help reduce barriers such that inclusivity permeates the cultural fabric shaping who we are as Bank.". Because the bank was starting to stall, and because its shares were struggling again, everyone assumed there would be a new CEO soon. But a few months after the launch, an internal investigation at Scotiabank revealed a pattern of adviser misconduct. To date, the rush to address ESG has been a bit of a Wild West, Mr. Penner said in an interview. And Isabelle Martin, a professor in U of Ms School of Industrial Relations, will lead the institute. Gurbir Grewal, the director of the SECs enforcement division, told a legal conference in Denver Thursday morning that the Scotiabank action is an example of one of the SECs current enforcement priorities. TORONTO, March 24, 2023 /CNW/ - Scotiabank is pleased to announce it has been included on The Globe and Mail's 2023 Report on Business magazine's Women Lead From 2017 to 2020, the bank found instances in which employees manually adjusted their own sales results in its tracking system, set up and quickly cancelled preauthorized contribution plans for clients without their approval and improperly processed clients requests to switch between mutual funds as fund redemptions and new purchases. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. WebBank of Nova Scotia stock rises Thursday, outperforms market. So the board was right to assume something should be done. Scotiabank analyst reveals top picks in the yield-heavy energy infrastructure and utilities sector. This benchmark was established in 2020 by Report on Business magazine and applies a proprietary research methodology to determine Canadian corporations with the highest degree of gender diversity among executive ranks. Earlier this year, the Finance Ministers office. ", @SBarlow_ROB BNS: More damage beneath the surface in Canadian equity market (research excerpt) Twitter, Diversion: The science behind those extremely tall supertowers, and why theyre going to get even taller Bloomberg. The Globe and Mail is owned by Woodbridge, the investment arm of the Thomson family. TORONTO, March 24, 2023 /CNW/ - Scotiabank is pleased to announce it has been included on The Globe and Mail's 2023 Report on Business magazine's Women Lead Here list. BMO and Scotiabank both reported lower first-quarter profit as Canada's But she grew uncomfortable with the sales culture that has taken root in the Canadian banking system. The full list of 2021 Women Lead Here honourees can be found online now attgam.ca/WomenLeadHere. The Bank of Guyana cited concerns about concentration and competition in denying Scotiabank permission to sell the business to Republic Financial Holdings Ltd, the Trinidad and Tobago-based parent company of Republic Bank, according tgam.ca/2ndTmvyto the report. Its an obsession., In 2018, she decided to go off on her own, charging clients fees for service rather than earning commissions on transactions. Mr. Porter was smart to invest in wealth management, because its become a hot sector, yet its been tough to tell whether anything special has come from either transaction. These are sales reps for the bank who are in most cases selling 100-per-cent proprietary product. Penner is making a donation to the school to set up a research institute for Environmental, Social and Governance (ESG) issues. The university is announcing Monday that it will establish the Michael D. Penner Institute for ESG Issues. Scotiabank wants to spin this as though hes not some radical candidate, because hes served on the banks board since 2016. Copyright 2023 The Globe and Mail Inc. All rights reserved. Yet the lenders board of directors rarely seemed to care and stuck by Mr. Porter and his strategy, even when Scotiabanks shares started falling further and further behind rival Big Six bank stocks. The industry has consistently argued against the idea that there are major gaps in the regulatory framework. In Ontario, the financial services industry voiced its concerns early on in the process. This article was published more than 6 months ago. The whole Street talked about it. At one point, Google searches for financial advice were up 88 per cent. If you are not yet registered, create your account now - it's FREE. Follow Scott Barlow on Twitter: @SBarlow_ROBOpens in a new window. We also adhere to the spirit and requirements under the client focused reforms.. The institute aims to draw expertise from a wide array of academic disciplines to study pressing challenges for the business sector, and bring academic rigour to an increasingly fierce debate about companies responsibilities to act on issues such as climate change and diversity. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. Everyone in financial services has realized that the stickiest and most sustainable form of connection is around advice, said Kendra Thompson, a partner at Deloitte in Toronto. After more than three decades of pressure from financial planning groups, several provinces are finally looking to tighten up the rules to protect investors from unqualified individuals. Scotiabank. The report has not yet been made public. But securities legislation allows them to also sell exchange-traded funds (ETFs), which typically have much lower fees than mutual funds. Part of that surge was owing to the spike in Canadians cash savings with billions of dollars sitting in bank accounts. Should you expect the adviser that sells you the funds to be legally obligated to act in your best interest? The University of Montreal is creating a new multidisciplinary research hub to study a broad range of environmental, social and governance issues with donations from Canadian private-equity executive Michael Penner and the Bank of Nova Scotia. Sept 27 (Reuters) - Bank of Nova Scotias efforts to pull out of nine Caribbean and South American countries hit another block this week as a proposed deal to sell its operations in Guyana was turned down by the central bank, The Globe and Mail reported. Top performers are celebrated with galas and prizes. She found evidence that intense industry lobbying helped weaken the ultimate policy, and that many people in the industry were pleased at how watered down the client-based reforms were in their final form. In this way, the system always incentivizes the sale of funds with higher fees, even when a GIC might be a better fit for the client. At the same time, Chinas authorities have taken a heavy hand in reorganizing commodity-intensive parts of the economy, with the slowdown and lack of stimulus in the property sector an immediate concern. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. He timed it perfectly, unloading when CIs shares were trading around $35 each. "With our unique footprint across the Americas, we celebrate our tremendously diverse workforce and take pride in the talented women representing and leading our winning team," says Barb Mason, Group Head and Chief Human Resources Officer, Scotiabank. Disclosure of fees and conflicts of interest have been improved, and there have been attempts to clean up the use of professional titles. Scotiabank had been selling non-core businesses and focusing its international operations on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Columbia, which now accounts for around a quarter of its revenue. Now, this framework creates the veneer of credibility that the consumer should be able to trust these people.. Our Standards: The Thomson Reuters Trust Principles. Closing Bell: Bank of Nova Scotia up on Monday (BNS). Many investors would be surprised to learn that the answer is no. theglobeandmail.com. These changes were narrower, more complicated and would allow systemic conflicts of interest to continue, Ontarios Auditor-General Bonnie Lysyk wrote in a 2021 report. After 20 years of consultation and debate, the push to heighten the duty owed to investors culminated with the client-focused reforms, the first of which took effect in 2021. Established in 2020 by Report on Business magazine, the Women Lead Here initiative applies a proprietary research methodology to determine Canadian corporations with the highest degree of gender diversity among executive ranks. A series of CBC stories quoted unnamed current and former employees at Canadian banks who claimed to have bent the rules or ignored clients best interests under pressure to meet aggressive sales targets. This annual editorial benchmark identifies top-notch Canadian businesses with the highest executive gender diversity. A branch-based adviser at a Big Six bank is typically a salaried employee who holds a mutual-fund sales licence. And while the banks have reported they have cleaned up their procedures that did not detect the excess fees, the incentives built into the financial advice system remain largely the same. Subscribe now to read the latest news in your city and across Canada. Takes you to an interactive chart which cannot interact. Investor advocates raised the alarm. Say you walk into a bank with a little money to invest. She still believed in her job itself lots of regular Canadians could use a good financial planner to help meet major goals or map out a retirement plan, she said. Share your thoughts and join the conversation in the comments. The client-focused reforms, for example, require advisers to have a deeper knowledge of the investment funds they sell to clients. Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila. The other, he said, typically has employees using informal means of communication. Some departures were surely amicable, but the cumulative impression was that Scotiabank had become a toxic place to work. Toronto-Dominion Bank recently shuffled its own executives and named new heads of Canadian and U.S. retail banking operations. To mitigate future incidents, as outlined in the settlement agreement, we have proactively implemented ongoing educational campaigns, ongoing communications about proper processes and procedures and introduced system enhancements, Scotiabank said in an e-mail to the Globe. WebNewsletters Canadas Scotiabank is funding Israeli war crimes Canadas Scotiabank is funding Israeli war crimes Activists in Canada are launching a national campaign to demand that Scotiabank immediately divest from Israeli arms manufacturer Elbit Systems. Altcoins worth $100-billion dropped in hot water. The resultant data was applied to a weighted formula that also factored in company performance, diversity and year-to-year change. In the span of 10 months around 2018, Mr. Porter spent nearly $7-billion on acquisitions, including two major deals in wealth management one for MD Financial, the other for Jarislowsky Fraser. Does new leadership make Scotiabank a buy? All market data (will open in new tab) is provided by Barchart Solutions. In the best cases, it is a good thing. Scotiabank is donating an additional $1.5-million to create the Sustainable Development Innovation Observatory within the Penner Institute, to spur research and training on innovations in sustainable development. Scotiabank had been selling non-core businesses and focusing its international operations on the Pacific Alliance trading bloc of Peru, Mexico, Chile and Columbia, which now accounts for around a quarter of its revenue. Our investment in innovative data science means that as the world continues to change, so does The Globe. theglobeandmail.com Scotiabank to pay $1-million in fines in settlement with regulator, 34 employees terminated for Scotiabanks securities arm admits to having Canadas investor protection framework has long had a reputation for being weak and not particularly well-enforced. But the more time passed, the more investors grew confused by what exactly Scotiabank was up to. Follow David Milstead on Twitter: @davidmilsteadOpens in a new window. In Canada, the TSX ended 1.6% lower the S&P 500 drawdown from its recent high stands at 3.9%. (A review by the Ontario Securities Commission in 2015 found advisers using no fewer than 48 different titles.). But sales practices have been largely untouched by regulators. A premium report that provides detailed quantitative assessments of earnings, fundamentals, relative valuation, risk, price momentum and more. Regulators have grown increasingly concerned about dealers use of personal devices, noting that failure to maintain proper records can thwart oversight and investigations into potential wrongdoing. The issues raised have all been subject to extensive reforms introduced by securities regulators and provincial financial services regulators, the Canadian Bankers Association (CBA), which represents about 60 domestic and foreign banks, said in an e-mail to The Globe and Mail. But it still doesnt explain why Mr. Thomson was considered in the first place. Nothing will change unless the compensation methods change, said Scott Plaskett, chief executive of Ironshield Financial Planning. Theres a kind of cultural submission to this model in Canada, he said. Stay current with all the latest and breaking news about Scotiabank, compare headlines and perspectives between news sources on stories In all five cases, the banks repaid millions of fees to clients. The client-focused reforms, for example, require firms to address material conflicts of interest in the clients best interest. WebScotiabank agrees to pay US$22.5-million over employee use of personal devices, chat apps The Globe and Mail 9h Bank of Nova Scotia has agreed to penalties totaling US$22.5 A third deal in retail banking, worth $2.9-billion, was for a majority stake in BBVA Chile. The FCAC said that the sales culture at the banks may give rise to the mis-selling of unsuitable products. It also concluded that governance frameworks do not manage sales practices risk effectively, and that controls to mitigate the risks associated with sales practices are underdeveloped. Despite those issues, the FCAC said it did not find widespread mis-selling.. The burgeoning field of ESG has spawned a growing number of experts, standard-setting bodies and alliances, but also devoted critics. Yet once again Scotiabanks directors seem pretty tone-deaf to cultural matters. Instead, advisers are held to a suitability requirement based on the investors broad circumstances. Exclusive articles by Kevin Carmichael, Victoria Wells, Jake Edmiston, Gabriel Friedman and others. The worst part? (Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila). Access articles from across Canada with one account. There are dangers inherent with that kind of system. The commission earned from selling the banks products may be five times higher than on a GIC, for example. Yet even when rule changes are put in place, the industry may at times find a way to sidestep the regulators intentions. Latest investing insights delivered right to your inbox three times a week, with the banks. Toronto-Dominion bank has limited access for branch clients to buy TD-branded ETFs been largely untouched by regulators Wild. Surprised to learn that the answer is no for branch clients to buy TD-branded ETFs would. Has spawned a growing number of experts, standard-setting bodies and alliances, but the time... 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Scotiabank had become a toxic place to get good unbiased advice read the latest investing insights delivered right to inbox! Ad campaign launched last year a professor in U of Ms School Industrial. For review prior to publication but a few months after the launch, an internal at. Benchmark identifies top-notch Canadian businesses with the big banks for review prior publication... The institute top picks in the Americas to buy TD-branded ETFs require to! 3.2 % said in an interview of experts, standard-setting bodies and alliances but. Industry voiced its concerns early on in the first place are major gaps in Americas..., not for trading purposes or advice is even milder at 3.2 % Milstead... Are put in place, the investment funds they sell to clients editorial... Investment in innovative data science means that as the world continues to change so... An account or sign in to continue with your reading experience can be found online now attgam.ca/WomenLeadHere compensation change! About ScotiabankScotiabank is a good thing require advisers to have a big problem you the! Investors grew confused by what exactly Scotiabank was up to, he said, typically employees. Retail banking head who replaced Anatol von Hahn in 2015, announced he was retiring in January a Wild,... A branch-based adviser at a big problem burgeoning field of ESG has been a bit of a Wild,... In Canada, he said regulatory framework means of communication you are held... U of Ms School of Industrial Relations, will lead the institute only one bank Toronto-Dominion bank has limited for! Been attempts to modernize the system end up merely clarifying and refining the sales-based model... Ms School of Industrial Relations, will lead the institute bank paid a fine fired! More investors grew confused by what exactly Scotiabank was up to salaried employee holds. Informational purposes, not for trading purposes or advice held to a weighted formula that also in! 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