The Globe and Mail reports in its Wednesday edition that the federal Finance Department is studying whether large banks should be required to sell products and services from independent companies, a review that escalates the Ontario government's concerns about competition in the financial services sector. The Globe's Clare O'Hara writes that in September, 2021, RBC, CIBC and TD shrank their product shelves and stopped selling other companies' investment funds to clients of their financial-planning divisions. These third party funds, including mutual funds popular with small investors, were typically sold by financial advisers and planners working in bank branches. Employees at the three banks are now restricted to selling proprietary funds, which are run by the banks themselves and compete with the third party products. Shortly after the banks cut off access, Ontario Finance Minister Peter Bethlenfalvy publicly expressed concern and directed the Ontario Securities Commission to study the matter. The results of the OSC's review, completed in 2022, have never been made public. The federal government is now taking up the issue as part of its broad review of competition in the banking sector, which it launched on Dec. 21.