Commissioner’s Findings - PIPEDA Report of Findings #2014-012: Investment Firm Justified in its Collection of "Know Your Client" Information

A customer complained that his investment firm's Know Your Client (KYC) form required an unreasonable amount of personal information, contrary to PIPEDA. The firm argued the information was necessary to comply with regulatory obligations set by the Investment Industry Regulatory Organization of Canada (IIROC). The OPC investigated whether the firm collected more information than necessary for legitimate purposes. Ultimately, the OPC found that the firm's collection of detailed financial and personal information, including spousal income and investment experience, was justified to meet IIROC's KYC and suitability requirements.

• Whether the investment firm explicitly specified the purposes for collecting personal information.
• Whether the stated purposes for collection were legitimate.
• Whether the firm collected more personal information than necessary to fulfill those purposes.
• Whether the collection was a condition of service that violated PIPEDA.