Amid an ongoing consultation, securities and insurance regulators are reiterating their commitment to bringing total cost reporting to both mutual funds and segregated funds.

Following its annual meeting on June 15, the Joint Forum of Financial Market Regulators, which includes securities, insurance and pension regulators, said they remain committed to enhancing and harmonizing cost disclosure for investment funds and seg funds.

In April the regulators issued proposals for total cost reporting (TCR), which would increase the disclosure that investors get about the costs of fund investing, including management and trading expenses alongside distribution costs.

Those proposals are out for consultation until July 27.

The regulators say they’ve had feedback from industry trade groups and consumer advocates on “scope and implementation issues, level of information for investors and policy holders, and proposed transition period.”

In the face of that feedback, the regulators repeated their ongoing belief in the need for enhanced disclosure.

“The total cost reporting project is crucial to complete the work introduced in 2013 under the [client relationship model] by providing investors with information on all costs, including ongoing embedded costs such as management fees and trading expenses, of owning investment funds,” said Louis Morisset, chairman of the Canadian Securities Administrators, and president and CEO of the Autorité des marchés financiers, in a release.

“We continue to encourage registrants and insurers to conduct advance planning in order to implement the necessary changes as quickly as possible following the finalization of the TCR requirements,” he added.

Insurance industry regulators echoed that message.

“Regulators are committed to bringing TCR to market and will work closely with both the insurance and securities sectors to accomplish this in the most expedient manner,” said Robert Bradley, chairman of the the Canadian Council of Insurance Regulators (CCIR) and Superintendent of Insurance for Prince Edward Island.

“Policy holders and investors deserve to understand all costs associated with owning investment and segregated fund products and be able to more easily compare their performance,” he added. “Insurance regulators understand that the insurance industry is supportive of this initiative and have been aware since the release of our 2017 CCIR position paper on segregated funds.”