Debt Advisory Marketplace / Lead generators

June 9, 2023

Further to the recent updates provided at the CAIRP Forums, the OSB wishes to highlight the following key message for any LITs who were not in attendance at any of the 5 sessions across Canada.

The unregulated Debt Advisory Marketplace continues to be a significant area of compliance concern for the OSB and we are taking a multi-pronged approach to tackle it. We can’t speak to ongoing professional conduct investigations, but you should see the results of some of the OSB’s work in that regard soon.

The OSB is also exploring a Compliance Action Plan to target what seem to be deep-rooted issues arising from some LIT relationships with debt advisors. More information will be shared on this as it progresses. In the meantime, we strongly urge both corporate and individual LITs who maintain relationships with debt advisors to thoroughly review and modify their business model associations to prevent potential compliance repercussions.

The OSB is also actively following up on complaints relating to lead generators who are off-side and we caution any LITs trying to get around advertising requirements or paying for referrals from lead generators.