Canadian securities regulators are kicking off Fraud Prevention Month this March, by encouraging investors to be proactive in preventing investor fraud by checking to see if your investment advisor is registered.
The Canadian Securities Administrators’ (CSA) 2012 Investor Index revealed that 60 per cent of respondents with a financial advisor have never completed any form of background check.
Being an informed investor is the best defence against investment fraud. A simple first step in protecting yourself is checking the registration of any firm or individual selling securities or offering investment advice. You can do this using the National Registration Search.
In terms of investor protection, registration status or category is more important than a title because it tells the investor what types of products or services a firm or individual is qualified to sell or provide advice on.
Registration is designed to help protect investors because Canadian securities regulators register firms and individuals that meet specific qualifications and standards.
To raise awareness around registration, the CSA is encouraging investors to participate in Check Registration Day, March 26, 2013. Here’s how:
- Go to www.securities-administrators.ca and click National Registration Search, to ensure your investment individuals or firms are registered in your jurisdiction.
- Or, contact the BCSC at [email protected] or 1-800-373-6393 to verify registration.
If you discover the person you are dealing with is not registered, contact BCSC Inquiries immediately.
In July 2013, the BCSC released one sanction decision and one notice of hearing. The Commission also issued an Investor Alert on Hines Aircraft Ltd. The MFDA released one settlement agreement in July 2013 relating to a BC resident. IIROC released no decisions in July 2013 relating to BC residents. Below is a summary of […]
In a previous blog post, we talked about our “Be Fraud Aware” website and the campaign website we’ve launched to help people in BC’s Punjabi and Chinese communities protect themselves against scams. As part of the campaign, we’ve also updated our social media channels, adding new backgrounds to YouTube and Twitter, and a welcome page […]