The Canadian Securities Administrators (CSA) has published for comment a paper which proposes regulatory action to improve the client-registrant relationship.
The IIAC’s preliminary observations are as follows:
– The IIAC shares the grave reservations of the provincial regulators in BC, Quebec, Alberta, Manitoba and Nova Scotia. The proposed client best interest standard would lead to uncertainty and confusion on the part of advisors and clients, with some advisors and firms restricting products and services, and some clients having unrealistic expectations. Litigation and increased legal costs will likely arise.
– The IIAC agrees with the BCSC that an … Continue reading