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Canadian regulators are once against tackling the need for harmonized rules for mutual fund and segregated funds as they focus on fee transparency.

The latest annual meeting of securities, insurance and pension regulators as part of the Joint Forum of Financial Market Regulators focused on investment fee transparency.

At their annual meeting on June 10, the regulators consulted industry associations and investor advocates on “the reporting of performance and ongoing costs of owning investments, including embedded fees within mutual and segregated funds,” they said in a release.

“We are taking a broader look at how total cost reports should be effectively presented to the public,” said Louis Morisset, chair of the Canadian Securities Administrators and president and CEO of the Autorité des marchés financiers, in a statement.

In the past, the Joint Forum has attempted to harmonize point-of-sale disclosure for mutual funds and seg funds. Now it’s seeking to propose an approach to total cost reporting that “is as harmonized as possible in light of differences between the securities and insurance products and their distribution channels,” the regulators said.

“We are moving in ‘lock step’ with our regulatory partner on the investment side to ensure consumers have comparable information on costs, fees and performance of their segregated and mutual funds,” said Frank Chong, chair of the Canadian Council of Insurance Regulators (CCIR) and vice-president and deputy superintendent of regulation at the BC Financial Services Authority.

“The fair treatment of consumers is considered as important as prudential oversight, and the outcome of this project will position consumers to make informed financial decisions,” he added.