Advisors must inform clients of the fees they pay as a new survey finds that most Canadians don’t know their fees will be revealed in statements thanks to CRM2
Proposals include stronger protection for client assets, clarity for EMD activities and relief from certain CRM2 requirements
Information for dealers focuses on annual investor reports
Increasing pressure from clients and regulators means advisors will be well served to provide greater disclosure on insurance products and fees sooner rather than later
Document provides guidance on the new reports that dealers must start providing to clients
Possible reform of mutual fund fees
The document, which provides further clarification on certain issues, also encourages members to meet with MFDA staff to review their new CRM2 client reports
The regulator is also taking a proactive approach to members’ concerns about cost and compensation reporting coming into effect with CRM2
Explain what they get for the money they pay
The guidance spells out what firms should do relating to the cost disclosure and performance reporting provisions, which will be in force on July 15