Editorial
Overwhelming backing for “best interest” standard
The regulator’s final statement of priorities, published on Thursday, also includes a commitment to deal with embedded commissions
Although the province already has such a standard on financial planners, it’s now expanding the rule to include broker-dealers, sales reps and advisors
Although some countries have banned embedded commissions or adopted a best interest standard, most have just sought to enhance disclosure
Dispute over BIS may threaten creation of national regulator
Andrew Kriegler also pointed out during a discussion that the words “best interest” are already an integral component of IIROC’s rules
Keith Costello, president and CEO, Canadian Institute of Financial Planners, explains why a one-size-fits-all best interest standard won’t work.
As a result of the regulators’ move, the investor advocacy group is now against the proposed national regulator
The association is calling on the ASC, AMF, BCSC and MSC to encourage the remaining provincial regulators to adopt a similar stance