The Globe and Mail reports in its Wednesday edition that after weighing in on a national review of mutual fund fees, Ontario's Finance Minister has offered a glimpse into the government's thinking on Tuesday, citing fears about possible lost jobs in the industry. The Globe's Tim Kiladze and Clare O'Hara write that during Question Period on Tuesday, Ontario NDP finance critic Sandy Shaw pressed the government to explain itself, noting that Canadian regulators "have long described these fees as bad for investors." Responding, Mr. Fedeli said Ms. Shaw may "want to study what happened in the United Kingdom with embedded commissions and how this did not work." Mr. Fedeli appears to be referring to Britain's decision in 2012 to ban embedded commissions of all kinds for money managers, which meant advisers could only charge a clearly articulated fee. Four years later, Britain's lead securities regulator studied the impact and found the move to fee-based advice "has improved transparency and ended conflicts of interest caused by a mainly commission-driven model." However, it came with a trade-off: The country's adviser ranks dwindled after the new rules were implemented, dropping from 40,000 in 2011 to 31,000 in 2014.