CSI sets the standard for financial services education in Canada as the most experienced and trusted educator endorsed by regulatory authorities across Canada.
All FCSIs agree to abide by the FCSI Code of Ethics. In doing so, they commit to maintaining the highest level of professionalism when dealing with the public.
CSI is committed to maintaining oversight of the ethical standards it requires of its Fellows. CSI will monitor adherence to the Code of Ethics through reviews and periodic audits of the Fellow's annual commitment and declaration, public complaints and tracking of news and regulatory reports.
Process in the Event of Allegations of Code ViolationAllegations of violation of the FCSI Code of Ethics are handled by the FCSI Ethics Committee according to the FCSI Ethical Misconduct Disciplinary Process. If the Ethics Committee determines a violation occurred, a disciplinary sanction is recommended. The FCSI® may accept the recommended sanction or request a hearing.
Disciplinary sanctions are posted on the FCSI website and can include:
- A written reprimand from the President of CSI and Chair of the FCSI Ethics Committee
- Notifying the appropriate regulatory body for possible further investigation
- Publicizing the violation on the FCSI website and/or newsletter
- Recording the violation in the FCSI's record
- Requiring the FCSI to complete a supplementary ethics course(s)
- Requiring the FCSI to complete an additional professional development course(s)
- Requiring the FCSI to complete additional community involvement works
- Suspending the FCSI's licence and use of the FCSI trademark:
- For a specified period
- Indefinitely, specifying conditions for reinstatement
- Imposing other measures deemed appropriate by the FCSI Ethics Committee
The Complaint ProcessThere is a complaint process for investors and/or clients to issue complaints against an FCSI.
The process begins with the investor and/or client speaking directly with the FCSI holder. If further action is required, they can contact CSI at FCSIpubliccomplaints@csi.ca.
Complaint submissions should include details of the alleged Code violation and sufficient background and documentation to support the allegation in addition to the name and contact details of the complainant.
It is not recommended that confidential financial information be sent to CSI by email.
Experience RequirementFCSI candidates must meet a 7-year experience requirement prior to being granted the Fellow.
To meet this requirement a candidate must:
- Have worked in a financial advice capacity for a minimum of 7 out of the past 10 years
- Provide the contact information for his or her immediate supervisor or holder of the FCSI (or other recognized professional financial services designation) who can attest to the candidate's experience
- Complete, sign and submit the attestation to experience section on the FCSI application form
Experience Requirement AuditCSI will assess all FCSI applicants for compliance with the experience requirements. A request for confirmation will be sent by e-mail or telephone to the contact provided by the candidate and a copy of the request will be sent to the candidate so they know they are being assessed.
Contacts will be asked to provide confirmation within 30 days of the request. If confirmation is not received, CSI will notify the applicant that the request was sent and that confirmation had not been received. A copy of the notification will also be sent to the contact person provided. If a response is not received within 30 days, the applicant and the contact person will be contacted again.
Misstated or fraudulent reporting of experience will be reported to the FCSI Ethics Committee as a violation of the FCSI Code of Ethics and will be considered according to the FCSI Ethical Misconduct Disciplinary Process.
Industry Contribution Audit (Renewals Only)CSI will conduct a periodic audit of FCSI holders upon renewal of their Fellow to assess compliance with industry contribution requirements. The audit will be carried out annually and CSI will select 10% of renewal applicants for audit purposes.
FCSIs who are selected for audit purposes will be sent an email notifying them of the audit and will be asked to submit documents to verify points as indicated on their FCSI renewal application form.
Individuals will have 60 days to comply with the audit request.
Failure to Comply with Industry Contribution and/or Audit RequirementsFailure to comply with the request within the 60-day period may result in the loss of rights to use the FCSI letters, their status as an FCSI holder in good standing and personal listing in the FCSI directory.
Misstated or fraudulent reporting of industry contribution points will be reported to the FCSI Ethics Committee as a violation of the FCSI Code of Ethics and will be considered according to the FCSI Ethical Misconduct Disciplinary Process.