The RESP Dealers of Canada has published of a Code of Sales Practices.

The code sets out uniform practices to be used by all sales representatives of RESPDC member organizations when dealing with the public.

These practices include guidelines on advertising, sales materials and contact with the public either through telephone solicitation or during in-person presentations.

Additionally, the code requires that sales personnel ensure that every recommendation and proposed purchase of sale is suitable for the client, according to generally accepted “know your client” rules. All RESPDC sales representatives are licensed by the appropriate provincial Securities Commission.

“The code commits our representatives to always act in the public interest by adhering to the highest standards of integrity and ethical business practices”, said Tom O’Shaughnessy, chair of the RESPDC. “The public can be assured that in dealing with an RESPDC member representative, the product will be presented fairly and accurately.”

In total, member organizations of the RESPDC represent almost 60% of the active RESP contracts in force in Canada, with over $2.5 billion in assets under management.