MFDA accepts Settlement Agreement in respect of Sun Life Financial Investment Services (Canada) Inc.
TORONTO, July 29, 2015 /CNW/ - A Settlement Hearing in the matter of Sun Life Financial Investment Services (Canada) Inc. (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council.
The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which:
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(a) |
The Respondent shall pay a fine of $50,000 pursuant to s. 24.1.2(b) of MFDA By- law No. 1; |
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(b) |
The Respondent shall pay costs of $20,000 pursuant to s. 24.2 of MFDA By-law No. 1; |
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(c) |
The Respondent shall in the future comply with MFDA Rule 2.5.1, and MFDA Policy No. 5. |
The Settlement Agreement concerns allegations that between July 24, 2006 and June 2014, the Respondent did not conduct an on-site compliance review of every sub-branch location at least once every three (3) years, contrary to MFDA Policy No. 5 and MFDA Rule 2.5.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business as a Mutual Fund Dealer in every Canadian province/territory, with its head office in Waterloo, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
For further information: Charles Toth, Director, Litigation, 416-943-4619, ctoth@mfda.ca
