Sentinel Financial fined $75,000By The IJ Staff | August 30 2018 11:30AM
The Mutual Fund Dealers Association of Canada (MFDA) announced Aug. 29 that Sentinel Financial Management Corp. of Saskatoon, Saskatchewan has been fined $75,000 plus costs of $10,000.
The MFDA says that Sentinel Financial has admitted to various supervisory failures. Among them, between July 2012 and July 2016, it failed to adequately conduct proper Tier 1 trade supervision to “ensure that each order accepted and each recommendation made for client accounts, including client accounts holding exempt market products, were suitable for the clients…”
Sentinel Financial also admitted to failing to adequately supervise the activity of two representatives who were under close supervision, “including activity with respect to deficiencies in trade suitability and the collection of "Know Your Client" information,” says the MFDA.