I called Tangerine Investment on August 11/23 trying to redeem a small portion of a mutual fund in my RRSP account. An agent by the name of Richard and I spent 10-15 minute on account/investment profile updating questions in addition to usual security questions. Then Richard said he was going to ask me some more "identical questions" on each of my 3 types of investment account I have with Tangerine & I needed to answer these "identical questions" 3 times.
I get annoyed & felt that my RSP funds was being hijacked & I have no access to my own registered RSP money until I fully satisfy a long set of administrative or so called "regulatory" questions. As a result, I missed an ideal fund redeem price that I have been waiting for years.
I feel that most of these questions have no or little relevance to investors protection or frauds. And most of these administrative questions are invasion of my privacy & are intrusive. And I regard them a form of discrimination against investors like me who rely on telephones to buy & sell.
These constant needs to update investment/account profile are all intrusive to inactive investors & apparently we investors do not have a choice to refuse
This DOES NOT SEEM right in a democratic country — to answer a long list of administrative questions in order to access our own money using a pretext of investment/account profile updating
Desired outcome: give us a choice to say NO to your interrogations