Quebec SRO to publish disciplinary actions

Quebec’s Chambre de la sécurité financière has announced it will issue a press release detailing all bans—whether temporary or permanent—it issues against its members.

These rulings are currently publicly available through the Chambre’s website, but the decision to issue a press release is an attempt to better inform consumers of the enforcement decisions that the SRO hands down.

Since early 2010, the Chambre has issued press releases regarding the temporary or permanent removal of 25 members, many of which have attracted media attention, including that of Conseiller.ca.

In 2009, the Chambre issued a temporary or permanent ban against 40 members, a 43% increase from the 28 banned in 2008. In 2009, the number of investigations launched by the Chambre jumped 20% to 700 opened cases.

The increase is largely attributable to the outbreak of corporate scandals and the stock market rout, which prompted increased investor complaints.

To boost its public visibility, the Chambre has launched two campaigns, one in the first quarter of 2009 during the RRSP season and another last fall.

The Chambre de la sécurité financière enforces discipline and oversees the training and ethics of more than 32,000 members who work in five sectors and registration category: group savings plan brokerage; financial planning; individual insurance; group insurance;and scholarship plan brokerage.

(10/22/10)