To bridge the knowledge gap, financial literacy is a two-way street

For years now, securities regulators have been pushing for clearer rules in two key areas – reforming mutual fund fees and mandating a “best interest” duty between financial advisers and their retail clients.

Both efforts have been vigorously resisted by the financial services industry, which insists new regulation is unnecessary.

The Canadian Securities Administrators, which represents the various provincial securities watchdogs, continues to study these measures after years of consultations. The Ontario Securities Commission has been talking about a “fair dealing model” for advisers and clients for more than a decade.

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Globe and Mail

BARRIE MCKENNA – Globe and Mail – June 12, 2015.