You’ve heard it before. Maybe from your dad, a co-worker, or a close friend: “I’ve got a guy.” And, while you may be inclined to use the professional services of someone recommended to you by a friend or relative, Canadian securities regulators are encouraging investors to always check registration before investing money with a financial advisor or firm.
Last week, the Canadian Securities Administrators (CSA) launched a new campaign to promote the importance of checking registration, and recent enhancements to the National Registration Search (NRS) – a free online tool that makes it quick and easy to check the registration of any individual or firm in Canada. Registration ensures advisors and investment firms meet the qualifications required to sell products or offer advice to investors, and knowing the registration status of your advisor is an essential first step toward building a positive working relationship.
The recently simplified NRS tool offers investors a platform to find out if an individual or firm is registered to give advice and sell securities or manage an investment portfolio, and under what terms or conditions (if any) may apply. NRS also allows investors to find out if a registered individual has been subject to discipline by a Canadian securities regulator (including the BC Securities Commission).
As part of the campaign currently being promoted online and through social media, the CSA has launched a special website aretheyregistered.ca. The website provides a quick link to the NRS, as well as tools like an advisor checklist to help investors make smarter, more confident investment decisions.
In December 2013, the BC Securities Commission issued two settlements, three notices of hearing, and announced a Supreme Court of Canada decision upholding a commission panel’s decision. The Investment Industry Regulatory Organization of Canada (IIROC) released one settlement in December 2013 relating to a BC resident. The Mutual Fund Dealers Association did not release any […]