An IIAC letter
detailing member concerns about the CSC course and its perceived value has already sparked debate between the association and the Canadian Securities Institute is being held to account.
The dust up over the six-page correspondence to IIROC could have serious consequences for the entire investment industry, argue some industry players.
They point to the list of reasons IIAC offers for why the CSI may need to do more to hold up its end of the bargain when it comes to education of its members’ individual registrants.
Chief among the grievances is a perceived lack of value from the Canadian Securities Course (CSC) and the Conduct and Practices Handbook Course (CPH) which costs non-members CAD$1815 compared to US$725 for the FINRA Series 7 exam.
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For IIAC’s part, it argues IIROC, the self-regulatory body responsible for the investment industry, should provide greater choice and access to its members’ employees when it comes to education and proficiency requirements.
WP reached out to the CSI to get its thoughts on the matter.
We received back a very cordial response stating, “CSI applauds a dialogue led by IIROC to make sure all elements of the proficiency assurance model in Canada serve the industry and its professionals and protect Canadian investors in an effective and efficient manner. We are fully supportive of the review process and are confident the outcome will be a model that ensures the efficient and effective delivery of proficiency in Canada.”
Stay tuned. This could get interesting.