79% support embedded fee ban: CARP member poll

CARP has a petition on its website to urge government action on a best interest standard for advisors.

Read: Investors want a best interest standard

Last month, the advocacy group (formerly known as the Canadian Association for Retired Persons) also conducted an online survey of 1,900 members, and the results were released to CBC last week. CBC reports these key findings:

• 89% of CARP members support a best interest standard,
• 89% want regulated titles for those selling financial products, and
• 79% support a ban on embedded commissions.

Read: IAP annual report highlights conflicted compensation

Certainly, Ontario has expressed support for a statutory best interest standard and regulated titles, as detailed in a report to the province’s ministry of finance. And, in OSC’s draft priorities for 2017–2018, the commission says it will publish regulatory reforms to define a best interest standard and also define regulatory actions to address embedded commissions.

Read: What to do when everybody hates you

Read the full CBC article.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.