Canadian regulators propose ‘targeted reforms’ to raise standards for financial advisers

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While a broad and overarching regulatory best interest standard — which requires that the client’s interests be put at the forefront of every investment decision — is supported by the Ontario Securities Commission and New Brunswick’s Financial and Consumer Services, it is not being proposed for Canada.

Canadian regulators are proposing “targeted reforms” to raise standards for financial advisers who deal with retail clients, but disagreements among the provinces stopped them short of recommending an overarching “best intereststandard that has gained traction in countries from Australia to the United States.

The reforms proposed in a consultation document released Thursday by the Canadian Securities Administrators involve managing and disclosing conflicts of interest, limiting the use of titles, and beefing up required knowledge of clients and investment products.
 
While a broad and overarching regulatory best interest standard — which requires that the client’s interests be put at the forefront of every investment decision — is supported by the Ontario Securities Commission and New Brunswick’s Financial and Consumer Services, it is not being proposed for Canada.

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