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Financial advisers could face uncertain future under planned OSC rules, industry warns Add to ...

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An Ontario Securities Commission proposal to require financial advisers to act in the best interests of their clients could push investment firms away from offering traditional investment-advisory services if the new standard is too difficult to implement, industry officials warn.

Peter Moulson, head of wealth management compliance at Canadian Imperial Bank of Commerce, told an OSC roundtable event in Toronto it is unclear how financial firms would be expected to apply a more stringent regulatory standard in practical terms, and said it could even jeopardize the existence of the traditional advice model in which financial advisers work largely on commission and receive fees from companies whose financial products they sell.

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