SIPA to regulators: Fix advisor registration sites, titles

SIPA to regulators: Fix advisor registration sites, titles


The Small Investor Protection Association (SIPA) has a message for CSA and IIROC: redesign your websites.

In an open letter to regulators, dated October 2017, SIPA says CSA’s website takes numerous clicks to check advisor registration — hardly the 10 seconds of time CSA claims it takes.

The association offers a more severe critique of IIROC’s AdvisorReport. For example, to use that online service, investors must first agree to five pages of terms of use.

“The five-page document is full of confusing legalese,” says SIPA. “We have never encountered so many intimidating and unnecessary roadblocks from any other regulatory site quite like IIROC’s.”

SIPA’s advice to regulators: “Test your website with real investors, since they may see issues that you may have missed.”

Title confusion

If a patient investor manages to perform a registration check, further confusion can ensue about registration categories and what they mean.

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Published at Fri, 06 Oct 2017 13:43:04 -0400