The term “fiduciary” is a legal term, typically found in corporate law, not in securities law. We are unable to provide legal or other advice. You may wish to read the current Canadian Securities Administrators Consultation Paper 33-404 – Proposals to Enhance the Obligations of Adviser, Dealers, and Representatives Toward Their Clients for information about the CSA’s views on this matter.
Registered firms and individuals must follow rules and policies of the Ontario Securities Commission, or the self-regulatory organization (SRO), such as the Investment Industry Regulatory Organization of Canada, or the Mutual Fund Dealers Association of Canada, as applicable, depending on the category of registration. To understand these rules better, for example, relating to potential conflicts of interest between advisors and clients, it is recommended to contact the SROs directly.
The only category of registration that requires a fiduciary duty is a portfolio manager – individuals hold registration as advising representatives. Advising representatives and the firms they work for provide investment advice and manage your portfolio according to the instructions or discretionary authority you have given. Before you consider working with an adviser registered as a Portfolio Manager, always check their registration.