The following statement was given today in the House of Assembly by the Honourable Nick McGrath, Minister of Service NL:

Minister Acknowledges Check Registration Day

Mr. Speaker, I am pleased to rise today in this Honourable House to acknowledge Tuesday, March 26 as Check Registration Day.

Check Registration Day is an important part of Fraud Prevention Month as it promotes awareness and prevention of investment fraud. This day encourages consumers to check for legitimate licences and/or registrations of any financial advisors, real estate agents or brokers, insurance agents or brokers, mortgage brokers and securities providers. This is especially important before entering into any investment agreement or business transaction.

Mr. Speaker, the Financial Services Regulation Division of Service NL works to protect Newfoundlanders and Labradorians from fraud. The Service NL website, www.servicenl.gov.nl.ca , features a list of currently licensed or registered service providers. Consumers are encouraged to check a firm or individual’s legitimacy against this list. Service NL is a member of the Canadian Securities Administrators and the registration of securities providers can be checked through their website at www.aretheyregistered.com . 

Mr. Speaker, Service NL encourages all Newfoundlanders and Labradorians to take appropriate steps to protect themselves against fraud. Awareness is a consumer’s number one defence. Almost 30 per cent of Canadians believe that at some point in their lives they have been faced with the threat of investment fraud. This type of fraud typically involves significant sums of money and can leave its victims devastated. If consumers feel they are the victim of fraud, they may report their case to the Financial Services Regulation Division of Service NL, the Royal Newfoundland Constabulary or the RCMP.

Mr. Speaker, for Check Registration Day, I encourage all Newfoundlanders and Labradorians to become more educated about fraud and to check the registration of any firm or individual offering an investment opportunity before entering into an agreement. In the fight against fraud, knowledge is power.

Thank you Mr. Speaker.

2013 03 20                             2:20 p.m.