What’s the latest on benefits, retirement advisor fee disclosure?
October 20, 2020
Source: READ ARTICLE
When the Canadian Life and Health Insurance Association rolled out its proposed compensation disclosure guideline in January 2018, it quickly inflamed tensions with group benefits and retirement advisors.
The guideline, G19, stipulated that all of the CLHIA’s insurer members begin disclosing to plan sponsors the fees, commissions and bonuses they paid to advisors. Facing backlash from multiple advisors and industry groups, which identified conflicts of interest, the CLHIA made several amendments and initiated cross-country consultations before ultimately withdrawing the guideline in May 2019.