The Insurance Council of British Columbia has joined the Canadian Investment Regulatory Organization (CIRO) in sanctioning Donald Lorne Gable, this time for failing to disclose that he’d been the subject of disciplinary proceedings for his actions as an Alberta mutual fund industry representative.
Registered in the mutual fund industry as a dealing representative between March 2008 and February 2021 when he was terminated, Gable was sanctioned by CIRO for outside business activities and for attempting to cover up a client complaint.
Gable was kicked out of the industry for 10 years and ordered to pay a fine totalling $36,000 and costs in the amount of $7,500.
In insurance matters, meanwhile, Gable was first licensed with the Alberta Insurance Council (AIC) in February 2008 and licensed as an unaffiliated life and accident and sickness insurance agent in British Columbia since September 2017. After disclosing the CIRO decision in his AIC renewal application in 2024, that regulator renewed Gable’s license.
“On May 15, 2024, the licensee informed council staff that he was unaware of the requirement to notify council of the CIRO decision,” the intended decision in the British Columbia case states. “He understood the issue would come up at the time of his license renewal. He did report the discipline to his managing general agency (MGA) and on Apexa, a digital platform for advisors, MGAs and carriers.”
Although the decision notes that the affected clients were mutual fund clients in Alberta and not insurance clients in British Columbia, it goes on to say the council has concerns about Gable’s trustworthiness. “The licensee’s inability to deal fairly, honestly, in good faith and adhere to the high standards of ethics required by CIRO raised concerns about his trustworthiness in the insurance industry.”
The council considered mirroring the CIRO suspension but concluded that cancelling Gable’s license for four years and assessing costs in the case would be sufficient. It also ordered the Alberta agent to complete the Council Rules Course and an ethics course immediately. “Council felt that requiring the licensee to complete these two courses at this time would stress the importance for a licensee to adhere to council rules, as well as best address the licensee’s behaviour at this point in time.”
In addition to the cancelled license and course work, Gable must also pay British Columbia’s costs in the amount of $1,312.50.
Related:
Representative thrown out of the industry 10 years for outside activities
