In a recent Financial Post comment piece, Ed Waitzer asked why Canadian regulators have shied away from proposing a “best interest” standard for financial client-advisor relationships. Mr. Waitzer notes that, as one commentator to the recently published SEC staff study noted: “If the product sold is that of advice, then that advice should be in the best interest of the client. Anything else is fraud, because the seller is delivering a service different from what the consumer thinks he or she is buying.”
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