For Immediate ReleaseÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
March 5, 2013
St. John's â€“ Canadian securities regulators are kicking off Fraud Prevention Month this March, by encouraging investors to be proactive in preventing investor fraud by checking registration.
Securities regulators across the country stress that 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.
The Canadian Securities Administrator (CSA) 2012 Investor Index revealed that 60 per cent of respondents with a financial adviser have never completed any form of background check. With almost 30 per cent of Canadians believing they have been approached with an investment fraud at some point in their life and with 4.6 per cent believing they have been a victim of investment fraud, Canadians need to carefully choose who they hand over their money to.
â€œChecking registration is an essential part of any investorâ€™s due diligence,â€ said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. â€œTo protect their investment, we encourage all Canadians to check the registration of any individual or firm offering an investment opportunity.â€
The CSA has provided investors with a tool, the National Registration Search, that is quick and easy to use. Registration is designed to help protect investors because Canadian securities regulators will only register firms and individuals that meet specific qualifications and standards.Â In terms of investor protection, registration status or category is more important than a title, because either one tells the investor what types of products or services a firm or individual is qualified to sell or provide advice on.
CSA is encouraging investors nationwide to participate in Check Registration Day, March 26, 2013. Hereâ€™s how:
If you discover the person you are dealing with is not registered, contact your local securities commission immediately.
The CSA, the council of securities regulators of Canadaâ€™s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. Their mandate is to protect investors from unfair or fraudulent practices through regulation of the securities industry. Part of this protection is educating investors about the risk, responsibilities and rewards of investing.
â€“ 30 â€“
For more information:
Alberta Securities Commission
Ontario Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission
Manitoba Securities Commission
| Wendy Connors-Beckett
New Brunswick Securities Commission
Nova Scotia Securities Commission
Financial and Consumer Affairs
Authority of Saskatchewan
The Office of the Superintendent
Office of the Superintendent of Securities
Government of Newfoundland and Labrador
Office of the Yukon Superintendent
Nunavut Securities Office
Northwest Territories Securities Office