IIROC launches Glossary of Financial Certifications

Oct 30, 2013, 11:00 ET from Investment Industry Regulatory Organization of Canada (IIROC) - General News

New resource for investors

TORONTO, Oct. 30, 2013 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today launched a new online resource to help investors sort through the large number of financial certifications in use, in time for Financial Literacy Month.

"The broad range of certifications can be difficult for investors to navigate. We created the IIROC Glossary of Financial Certifications to help investors understand what these various certifications mean and what is required to achieve them," said IIROC President and CEO, Susan Wolburgh Jenah.

The glossary is a free, online service that makes it easy to find information about 42 commonly used certifications in the Canadian financial services industry in one central location.  Investors can quickly view or access information about:

  • the issuing organization;
  • the status of the professional within the issuing organization;
  • the type(s) of exams required to be certified;
  • other prerequisites including education and experience;
  • ongoing continuing education requirements; and
  • investor complaint and public disciplinary processes of the issuing organizations, where available.

This glossary complements proposed guidance issued for comment earlier this year regarding the use of business titles and financial certifications.  IIROC is finalizing the guidance which it will issue early in 2014 to assist member firms in supervising the use of business titles and financial certifications.

Prior to launching the glossary, IIROC conducted user testing with investors at various life stages, to improve the accessibility and usability of the new resource. IIROC was encouraged by investor feedback that described the glossary as "pretty thorough", "very informative", "well organized" and "definitely a good educational tool".

IIROC is also partnering with Better Business Bureau in its educational efforts to distribute 40,000 promotional bookmarks to consumers across the country to raise awareness about this helpful tool.

The glossary is the latest resource in IIROC's suite of investor education tools including the popular online AdvisorReport service, which allows investors to immediately access an advisor's educational background, and disciplinary history as part of their due diligence. Over the past year, individuals generated over 50,000 reports to learn about the backgrounds and qualifications of advisors working at IIROC-regulated firms.

Both resources can be accessed within IIROC's investor centre which includes other educational materials to help investors make more informed decisions, such as a list of questions to ask when selecting a financial advisor.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News