The Investment Industry Regulatory Organization of Canada (IIROC) and the Life Insurance Council of Saskatchewan (LICS) will now share information about advisor conduct investigations and disciplinary decisions, as part of a Memorandum of Understanding, announced the regulators June 2.
The agreement is aimed at preventing rule-breakers from moving from one regulator’s jurisdiction to another without close scrutiny. It will also allow for the two regulatory organizations to co-ordinate investigations when necessary.
The IIROC also has similar information sharing agreements with regulators in Alberta, British Columbia, Ontario, and Quebec.
Strengthens consumer protection
“As a public interest regulator, it is important to ensure that rule-breakers cannot simply switch designations without unsuspecting new clients or other regulators being aware of their transgressions,” says Andrew J. Kriegler, president and CEO of IIROC. “This agreement helps to close gaps and enables both our organizations to strengthen consumer protection.”
“This agreement not only provides strong consumer protection, it sends an important message in both the securities and insurance sectors, that if you are one of the few who harm clients, you will be held accountable,” says Roger Sobotkiewicz, chair and CEO of the Financial and Consumer Affairs Authority of Saskatchewan (FCAA).
