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:

If you discover the person you are dealing with is not registered, contact BCSC Inquiries immediately.

Suggested Reading

BCSC adds Imperia Invest IBC to Caution List

CRA tax scam warning and news from regulators

Watch Fraudster Exposed to learn how to spot an investment scam

More Resources

InvestRight featured on CTV’s Steele on Your Side

On Wednesday, CTV’s Lynda Steele featured our Be Fraud Aware campaign on the network’s newscast. The three-minute video is available on the CTV website on a dedicated webpage  that features much of the content from the news story. Pat Bowles, the BCSC’s director of Communication and Education, appears in the piece talking about some of […]

CISC report confirms investment fraud on the rise

The Criminal Intelligence Service of Canada (CISC) released its 2010 Report on Organized Crime. This year, it focuses on securities fraud.   The report confirms what we have been blogging about extensively.  The increased use of social networking sites to recruit victims and promoters combined with the economic downturn has produced more Ponzi and fraudulent investment schemes than […]