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Dealing representative banned five years for outside activities

By Kate McCaffery | Nov. 9, 2023, 4:28 p.m.

Regulator says there is no evidence of financial loss by clients or any other individuals.

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Headlines

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Fallout of a cyber catastrophe modelled by reinsurer

Average fund fees declined following implementation of disclosure rule amendments

Close to one-in-ten seniors worked out of necessity in 2022

Wholesalers have growth ambitions

CANADIAN INVESTMENT REGULATORY ORGANIZATION (CIRO)

Agent who defrauded retired couple banned from securities registration

Mutual fund rep fined close to $1.7-million

Sanctions for pre-signed forms levied against former Fredericton rep

Firm fined $1.5 million for failing to supervise trading activity

ROYAL MUTUAL FUNDS

Representative loses job, ordered to pay $12,500 fine for copying signatures

Regulator continues crackdown on efforts to thwart client feedback

Outside business activities end in five-year ban, fines and costs

Efforts to thwart client feedback ends in regulatory sanctions

Investment

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Pension funding rises in March

Insurers express increased appetite for private market investments

iA Financial acquires Laurentian Bank’s full-service brokerage division

Fraud

Claim exaggerations are the most common form of fraud

The number of stolen vehicles in Canada remained stable in 2023

Former approved person fined $2.5-million and thrown out of the industry for fraud

Representative thrown out of the industry 10 years for outside activities

Disciplinary Decisions

Inactive agent with an active license fined for not maintaining liability insurance

Supervisors fined when licensee leaves client uninsured for months

Agency fined $20,000 for repeatedly allowing unlicensed activity

Missing continuing education, lapsed liability insurance nets $4,000 fine