The Canadian Securities Administrators (CSA) have proposed: a) a host of rule changes; and b) that all ‘investment-licensed advisors’ should be held to an overarching Best Interest standard of care with respect to their clients. We agree with most of the proposed rule changes. And while we agree with applying a Best Interest standard in theory – i.e. HighView is already held to this standard – we are warning the CSA that applying this standard to the existing industry structure may not change today’s two-tiered system of investor protection in Canada.
