The Provincial Regulators have a common set of expectations relating to advisor conduct and compliance and share information with respect to the results of licensee audits, enforcement, trends, etc. as if it were their own data. Regulatory audits of licensees conducted have found concerning trends in advisor non-compliant business practices.

It is time to take action to address these trends!

Protect your business
To better protect yourself, your clients, and your business, ask yourself:

• Do you disclose to clients, in writing, all the insurers you represent?
• Do you complete the mandatory hours of continuing education credits within every licensing period?
• Do you have valid Errors and Omissions insurance coverage?
• Do you document your needs assessments, client discussions and recommendations to clients?
• If your client chooses not to follow your recommendation, do you get their written acknowledgment?
• Are you in compliance with PIPEDA and FINTRAC obligations?

Best practices form an important part of the sales process!

These are just some of your responsibilities as a licensed insurance advisor. Make sure you understand all of your obligations under the Insurance Act and regulations, as well as industry best practices. For a summary of these obligations, please refer to Compliance Regime Checklist.

Remember, 
Good Business is Compliant and Compliance Matters!