OTTAWA – The final phase of a suite of changes governing investments take effect Friday. The amendments — what securities regulators have called the Client Relationship Model Phase 2, or CRM2 — began in 2013. The new changes are intended to clarify for people how their investments are doing.
Here’s a look at what they will mean:
Fees: Firms will have to provide an annual report on charges and other fees that shows in dollars what investment dealers or advisers earned on the products and services they provided.
Performance: Companies must provide an annual performance report that includes the deposits and withdrawals from a client’s account, the change in value of the account and the percentage returns for the previous one, three, five and 10 years.