Is your adviser properly registered?

by Natalie MacLellan on May 28, 2010

in Securites Laws, Working with an Adviser

Earlier this week, the Nova Scotia Securities Commission reprimanded a financial planning firm for allowing their adviser to carry out trades in Nova Scotia though he was not registered to do so. The firm had to pay $10,000 in fines and $1200 in costs. Is your adviser properly registered?

In Canada, anyone trading securities or in the business of advising clients on securities must be registered with the provincial or territorial securities regulator, unless an exemption applies.  A securities regulator will only register firms and individuals if they meet certain standards.

Remember that an adviser must be registered in the jurisdiction where their clients live. So if you chose to do business with an adviser in Toronto, but you live in Antigonish, your adviser must be registered in Nova Scotia. If you are working with an adviser in Sydney, and you move to Alberta, you must either transfer to an adviser registered in Alberta, or your current adviser must register there to keep your business.

Use the National Registration Search to find out if an individual or firm is registered in your province or territory.

The category of registration tells you what products and services a firm or individual can offer.  Being registered, however, doesn’t mean that firms and individuals have the same skills, provide the same services or charge the same fees.  Make sure you understand their qualifications, and the product or service they are selling you.

Related posts:

  1. Choosing a registered financial adviser – one step in fraud prevention An estimated 72,000 Canadians were victims of investment fraud in...
  2. Four questions to ask when choosing a financial adviser Last week we discussed the low number of Nova Scotians...
  3. US brokerage firms in Canada: Clearing up the confusion US securities firm Wells Fargo has decided to stop offering...
  4. The 3 Rs of investing October 17 – 23 is Waste Reduction Week in Canada*....
  5. Would you recommend your financial adviser? It’s been a bleak year on the markets, and that...

Share & Bookmark This Story!

{ 0 comments… add one now }

Leave a Comment

You can use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Previous post: Affinity Fraud: How it works & how to avoid it

Next post: Investment fraud on the Internet