Funds Cole: Sales Charges and Advocacy Organization

funds cole: Ontario finance minister Vic Fedeli has said his government does not support a proposed ban on deferred sales charges on mutual funds, according to The Toronto Star. COLE BURSTON / THE CANADIAN PRESS After six years of consultations, we felt the industry had just whittled away reforms; there were crumbs left on the table, said Morris, of the advocacy organization formerly known as the Canadian Association of Retired Persons. Wanda Morris of CARP said the move puts the Ford government on the side of big mutual fund companies and already very well-to-do financial advisors instead of average investors. Now the Ontario government is looking at sweeping those away as well. Article Continued Below Deferred sales charges are fees customers pay unless they hold on to a mutual fund for a certain length of time, typically five to seven years. A ban on upfront commissions and deferred sales charges on mutual funds was proposed by the Canadian Securities Administrators Sept. 13, with the agreement of all provincial regulators including the Ontario Securities Commission. (news.financializer.com). As reported in the news.