The Canadian Securities Administrators (CSA) have set tomorrow, March 26, as Check Registration Day, in order to encourage investors to check the registration of any firm or individual they are dealing with for financial products or investment advice.

The CSA is calling for investors nationwide to participate in the event by either going to: www.aretheyregistered.ca to ensure that their investment advisors, or firms are registered; or, by calling their local securities regulator to verify registration.

The umbrella group of the provincial securities regulators notes that its recent research found that 60% of investors with a financial advisor report that they have never completed any form of background check. Moreover, with almost 30% saying that they believe they have been approached with an investment fraud at some point in their lives, and with 4.6% indicating that they believe they have been a victim of investment fraud, the CSA stresses that Canadians need to carefully choose who they deal with when they invest.

“Registration is designed to help protect investors because Canadian securities regulators will only register firms and individuals that meet specific qualifications and standards,” said Bill Rice, chair of the CSA and chair and CEO of the Alberta Securities Commission (ASC). “It’s important for investors to know that they can find some protection by doing a little bit of research into the registration status of those offering them an investment.”

Earlier this month, the Investment Industry Regulatory Organization of Canada (IIROC) also called for investors to carry out advisor background checks through its free online service, AdvisorReport; an online tool that allows investors to research the background, qualifications and disciplinary information on advisors.

The CSA notes that if investors discover the person or company they have been dealing with is not registered, or is offering investments they are permitted to offer, or if they need help understanding the results of their search efforts, they should contact their local securities regulator.