The Globe and Mail reports in its Friday edition that Canadian securities regulators have approved a set of investor protection rules that aims to hold advisers accountable for the investment decisions they make for clients, but investor advocates say the changes fall short. The Globe's Clare O'Hara writes that known as client-focused reforms, the set of rules requires financial advisers to put clients' interests first when deciding on which investments best suit their needs and do more to clarify what investors should expect from their advisers. Documents known as "know your client" and "know your product" will add more questions on an investor's profile, including personal circumstances not limited to financial circumstances, a client's investment knowledge, a client's risk tolerance and the investment time horizon. However, investor advocates say the changes are too watered down, without any real checklist of what can and cannot be done by investment advisers. "What I'd like to see is something that forces [advisers] to comply with directives and gives investor clients an unambiguous 'smoking gun' checklist of things to demand -- with teeth," said John De Goey, portfolio manager at Wellington-Altus Private Wealth.
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