RDBA provides compliance standards for Canadian deposit brokers


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The Registered Deposit Brokers Association (RDBA) has noticed in recent weeks there has been media attention and other communication regarding a suite of compliance products offered through Advocis. In these articles, they have been positioned as “the sole distributor of the Deposit Broker Anti-Money Laundering E-Learning course (AML) and the Deposit Broker Annual Compliance Attestation (ACA).”

The Board of the RDBA wishes to make it clear that Advocis is the distributor of products, developed by a third party, for-profit enterprise, that are essentially competing with the solutions offered for many years by the RDBA to its members. The RDBA does not endorse these products offered by Advocis, and any inference or interpretation that these products are the only solutions for the “Deposit Broker Industry” would be incorrect.

For almost 30 years, RDBA broker and financial institution members have worked collaboratively to foster and encourage professional standards in the deposit broker industry offering essential investing opportunities to consumers. Deposit brokers provide products for their clients with a unique diversification and guarantee to investment portfolios with peace of mind. Each RDBA member incorporates these professional standards into their day to day service to clients. We are proud of these many collaborative achievements, which include:

• The Canadian Deposits Course, introduced to provide brokers and their staff with knowledge, procedures and standards for the industry.
• Continual updating of standard forms designed to comply with evolving regulatory requirements.
• An Anti-Money Laundering course that satisfies the training requirements of our financial institution members.
• An annual Broker Compliance Questionnaire designed to assure financial institution members that their brokers are operating within the professional standards established for the industry.
• Keeping up to date with ongoing regulatory demands for our deposit industry is high on our association’s agenda. The RDBA continues to be recognized across Canada as the organization that encourages best practices, compliance and professional standards within their membership.

Members of the RDBA benefit from all of the collaborative work that has been done and have a voice in how these issues evolve and impact the industry. The RDBA is recognized as the organization that encourages best practices, compliance and professional standards within their members across Canada.  We thank all of our members for their continued support and encourage them to stay involved, as we work together to support investor confidence and access to competitive guaranteed income products offered by RDBA member Financial Institutions.

– From the RDBA Board of Directors

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