Finance: Government and Vic

finance: Ontario's Minister of Finance Vic Fedeli has said that his government will not sign on to a proposed ban on certain types of fund fees, according to The Toronto Star. MARK BLINCH / THE CANADIAN PRESS FILE PHOTO The government recently announced that it did not agree with a Sept. 13 proposal from the Canadian Securities Administrators to ban deferred sales charges on mutual funds, a recommendation made after six years of consultations. This government recently made a decision to ignore the concerns of both investors, investment regulators and seniors' advocate groups such as CARP Canadian Association of Retired Persons who called for the banning of deferred sales charges on mutual funds, said New Democrat MPP Sandy Shaw in the legislature Tuesday. Deferred sales charges are fees paid by customers if they move their money out of a mutual fund before a certain time period, usually five to seven years, and are paid regardless of how a fund performs. People across our province struggle to save and put a little money aside for their retirement, and these deferred charges are an unnecessary and extra burden on these people, said Shaw. The national securities administrators had buy-in from all provincial regulators, including the Ontario Securities Commission, to put an end to those, as well as upfront commissions. (news.financializer.com). As reported in the news.