After years of consultations about raising standards for financial advisors many industry watchers are beginning to doubt it will ever happen.
“They’ve been at this for a long time, so you sort of wonder about the ability to get to a simple result — whether there’s a will to bite the bullet,” says Ed Waitzer, a partner at Toronto law firm Stikeman Elliott LLP.
Mr. Waitzer, a former chairman of the Ontario Securities Commission, points out that it has been a decade since the regulator first proposed an overhaul of the advisor-client relationship and a crackdown on compensation and fee structures that set up inherent conflicts of interest between investment dealers and advisors and their clients.
The renewed deliberations began in late 2012, but the umbrella group for Canada’s provincial and territorial securities regulators signaled this month that there are extreme differences of opinion about what, if anything, should be done. The debate has been kicked over to 2014. Read More…