The IIAC has questioned the effectiveness of CSI in a comment letter to IIROC.

The association says the current proficiency model, with its exclusive reliance on CSI, isn’t providing value relative to its costs. Further, it’s not offering the highest quality of education.

“Members indicated that they have at times found the CSI course materials to be incorrect. Errors were noted in the Chief Compliance Officers course material in addition to issues involving the relevancy of certain content.

“The [Conduct and Practices Handbook Course] also had incorrect information regarding U.S. registration. Other members stated that the material dealing with margin accounts in the CSC is not correct.”

IIAC recommends an alternative model that will provide greater choice and access.

“A number of members believe the FINRA model is an ideal model to adopt,” notes IIAC in its response. “It will allow IIROC to take back control of the examination process and create competition among alternative course providers, which will lead to improvements in the quality of the course materials and a far more competitive pricing regime.”

Read the complete response.