Geller Law
Don’t panic. Recovery may be possible—if you know what went wrong. Consumers are often steered into complex, unsuitable products because their advisor didn’t do adequate Know Your Product (KYP) due diligence or failed to explain risks in understandable terms. The Client Focused Reforms (CFRs) in Canada expressly require firms and representatives to understand the structure, features, and risks of products they recommend, and to put clients’ interests first.
Under NI 31‑103 and CIRO guidance, firms must have robust processes to assess and approve products before placing them on the shelf. That means documented due diligence, ongoing monitoring for material changes, and clear internal policies tailored to product complexity (e.g., leveraged, opaque, or novel products). Advisors must understand the product well enough to make a suitability determination that aligns with your goals and risk profile.
2. How does this product compare to simpler, lower‑cost alternatives? (Demand a product‑comparison memo.)
3. What due diligence did your firm complete before adding this to its shelf? (Look for policies, not sales pitches.)
Courts and regulators increasingly link poor product due diligence to negligence and breach of duty, especially post‑CFRs. Where recommendations ignore conflicts or present complex products without transparent risk discussion, investors may have actionable claims.
If you suspect mis‑selling: document the timeline, retain all materials and illustrations, and contact our team. We negotiate with industry and litigate when necessary to recover losses.
