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