Most read: Warning: regulatory change could gut industry

Most read: Warning: regulatory change could gut industry

Most read: Warning: regulatory change could gut industry
He goes on to make the point that there are already new transparency rules coming into play--so-called CRM2 rules--that will go a long way toward solving the issue of compensation disclosure. Innes makes perfect sense when he suggests the effects of the new current regulations should be allowed to take effect first before any new regulatory regime is contemplated. "Client education is part of this, for sure. The smarter the client is, the better they can understand what an advisor offers....I think the CRM2 will go a long way toward this. But I think we need to let the dust settle on those. Then we need to do some homework. We need to study our regulation needs to be examined for unintended consequences. Is this a problem? In Australia the costs are going to hit a billion and half. Fees have gone up 30%. Is this worth it? I would say, go slow, tread lightly, don't do a big bang change ....the way Australia did it," says Innes.  "Part of the issue is, when you look at UK and Australia....they were trying to fix a problem we don't think exists in Canada. There were financial scandals in England around pensions. The reaction was 'We need to fix something.' But we're not having those scandals here. Let's not try to fix a problem we don’t have.”
 

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