The Investment Dealers Association of Canada has approved a by-law amendment that will see a huge increase in the non-refundable deposits charged against membership applicants, from $2,000 to $10,000.

The IDA says that the large increase in the required non-refundable deposit “serves to differentiate the serious applicant and provides for the association to recover costs involved in relation to the application review in the event it is either withdrawn or unsuccessful”.

The amendment will not change the cost of membership for successful applicants, it notes. The change is effective immediately.