Big 5 banks about to feel the heat from Vanguard’s low fees

Consumers may benefit from extra mutual fund competition

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Mutual fund giant Vanguard is known for its low-cost exchange-traded funds (ETFs) and mutual funds. And while it’s unclear if the company will be offering both ETFs and mutual funds to the Canadian market, Vanguard’s entry is still expected to shake up the industry.

Moody’s Investors Service expects that the big five banks and independent  investment firms will feel the heat to lower fees, which will be a welcome relief in a country that has some of the most expensive mutual fund fees in the world.

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