The Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) have partnered to create a total cost reporting (TCR) implementation committee.
The committee will support industry stakeholders in their implementation of the CSA and CCIR’s cost reporting disclosure enhancements, with involvement from the Canadian Investment Regulatory Organization.
The TCR enhancements, finalised in April 2023, aim to improve the transparency of total fees and cost to holders of investment and segregated funds.
They have also been implemented to increase investors’ and policyholders' awareness of the ongoing embedded costs of owning investment funds and individual segregated fund contracts, including management fees and trading expenses.
The committee will allow industry participants to consult regulators on questions related to implementation. In addition, it will allow regulators to be informed of industry progress towards the implementation of the TCR enhancement.
