In its audit report of the Investment Dealers Association, the British Columbia Securities Commission criticizes the SRO for a “lack of productivity” in investigating and disciplining B.C. brokers. A copy of the BCSC report has been obtained by the Vancouver Sun.

“New procedures need to be implemented as soon as possible that will identify and target enforcement priorities in order that the more significant files are completed in a reasonable period of time,” states the audit which was delivered to the IDA in March. The IDA was also the subject of a similarly critical evaluation by the Ontario Securities Commission.

According to the Sun, the BCSC report lauds the IDA for making “significant progress” in regulating member conduct in B.C. since an earlier audit in 1996.

The BCSC says it plans to conduct another audit early next year “to determine whether expected productivity increases have taken place.”