Canadian privacy & access decisions

An individual complained that an investment brokerage required excessive personal information, including net worth, marital status, and spouse's occupation, to open a self-directed investment account. The complainant argued this was unnecessary given the self-directed nature of the account and that the collection was a condition of service. The brokerage contended that the information was required to comply with regulatory obligations from the Investment Industry Regulatory Organization of Canada (IIROC), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and provincial securities legislation. The OPC found that the purposes for collection were properly identified and appropriate, and that the information was necessary to meet the brokerage's legal and regulatory obligations. Therefore, the OPC concluded that the complaint was not well-founded.

• Whether the collection of net worth, marital status, and spouse's occupation was necessary for opening a self-directed investment account under Principle 4.4 PIPEDA
• Whether the purposes for collecting the personal information were explicitly specified under Principle 4.2 PIPEDA
• Whether the purposes for collecting the personal information were legitimate and appropriate under subsection 5(3) PIPEDA
• Whether the organization required consent to the collection of information beyond that required for explicitly specified and legitimate purposes as a condition of service under Principle 4.3.3 PIPEDA