February 27, 2017
As the April 1, 2017 deadline for full implementation of Directive No. 33, Trustee Designation and Advertising, is fast approaching, the Office of the Superintendent of Bankruptcy (OSB) would like to update you on public education activities supporting awareness of the Licensed Insolvency Trustee designation.
In January, new material was released through Government of Canada social media channels, which encourages consumers experiencing financial distress to visit an LIT to explore insolvency options. The messages underscore that LITs are the only qualified professionals authorized to administer insolvency proceedings. In addition, material has been developed to help the public to distinguish LITs from debt consultants. Tweets and Facebook posts appear on YourMoneyMatters and Your Money Matters, from the Office of Consumer Affairs, and tweets appear on ItPaysToKnow, the Twitter account of the Financial Consumer Agency of Canada.
A paid awareness campaign will commence in early March, with a focus on digital platforms, to support efforts to help consumers quickly and easily find information about LITs and insolvency. This initiative will be driven from common search terms used by debtors on Google. On Facebook, information will appear proactively via news feeds.These new initiatives will build upon and complement existing tools to promote LITs and the new designation, including:
- a new consumer webpage, What is a Licensed Insolvency Trustee?;
- five insolvency-related videos to help consumers better understand the process and options available to them;
- a new consumer brochure, Consumed by debt? Considering a fresh start? Information for consumers on the insolvency process
We invite all LITs to view and share these materials in their promotional activities. Any feedback you may have can be shared with OSB Communications.