CARP, an advocacy group for Canadian seniors, has released results of a survey that it says reveals “older Canadians want investment industry reform now”.
CARP’s poll results, announced April 19, shows that 89% of its members polled support a Best Interest Standard for financial advisors, including 53% who are in strong support while 79% support the elimination of embedded fees, including 40% who are in strong support.
The survey of CARP’s members found that 89% agree or strongly agree that regulating titles used by people selling investments to the public would help investors make more informed investment decisions, including 59% who are in strong support.
Call for action
In an announcement, Wanda Morris, CARP’s VP of Advocacy, said, “These poll results reiterate what we’ve repeatedly seen in surveys of our members. Investors overwhelmingly support changes that will better protect their life savings. It’s time for governments to stop discussing, debating and delaying and start taking concrete action.”
Morris adds that Canada is “an international laggard” when it comes to investor protection. “I believe that opponents of reform have used studies and consultations to indefinitely delay meaningful action. Our members are not prepared to accept sub-par protections any longer and want to see change now.”
Launched a campaign
CARP has launched a campaign dubbed, called Protect My Savings to engage the public and has launched a petition so that Canadians can “tell government that regulatory action in the investment industry is long-overdue.”
“We must reform the system and remove incentives, like inflated commissions paid out of embedded fees, which put all advisors into a potential conflict of interest,” says Morris.