Advisors can now settle with IIROC in mediation

By Andrew Rickard | April 28 2016 11:34AM

The enforcement department at the Investment Industry Regulatory Organization of Canada (IIROC) has launched a mediation program.

IIROC says the program is now available to all of the dealers and advisors that are under its regulatory auspices. Participation is voluntary but both parties (i.e., both the respondent and IIROC staff) must agree to go the process.

Expected to save money

The regulator announced the launch of the new program on April 25 and says it is meant to help everyone save money by allowing them reach to a settlement sooner. The option to move to mediation is available at any time after a notice of hearing has been issued. If the parties cannot settle the dispute in mediation, the matter will proceed to a regular IIROC panel.

Alternative dispute resolution tool

"The Mediation Program will serve IIROC Enforcement’s goal to conduct timely, fair and effective disciplinary actions. The program provides an alternative dispute resolution tool to assist with the timely resolution of a disciplinary case or an issue therein," reads the announcement. "It is conducted on a confidential basis that allows the parties to engage in full and candid negotiations through a neutral mediator that will assist the parties in reaching a mutually agreeable resolution that may not otherwise be reached between the parties.

Related to the same topic …