23, 2017 /CNW/ - Just in time for RRSP season, many investors will receive new information about the fees they pay for investment products and advice, and the British Columbia Securities Commission (BCSC) wants to ensure that investors are ready to "Take a Look" at that information. The BCSC launched its Take a Look campaign in October 2016 to encourage investors to pay attention to the fees they pay for investment products and advice. And according to a recent study conducted by the BCSC, B.C. investors still have some significant gaps in fee knowledge. Of investors surveyed, 28 per cent do not know how their advisor is paid and 36 per cent are not familiar with the types of fees they pay for the investment products they own. Only 44 per cent of investors agree that paying one per cent more or less in fees will make a difference to their returns. "Some of the study results concern us," said Pamela McDonald, Director, Communications and Education, BCSC. "New securities regulations will be putting more information in the hands of investors to help them clearly see the fees they paid in the last year. We're conducting this research to show us how ready investors are to use this information and what else they still need to understand." Beginning in January and February, investors will start receiving charges and compensation reports from their advisors as part of securities regulations called the Client Relationship Model, Phase 2 (CRM2). The BCSC is conducting a three-part longitudinal study to measure how well B.C. investors understand the fees they pay and how the new charges and compensation reports will affect investor knowledge and behaviour.
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