Subject: LAW
MFDA Hearing Panel approves settlement agreement with Banwell Financial Inc.
TORONTO, Aug. 21, 2018 /CNW/ - A settlement hearing in the matter of Banwell Financial Inc. ("Respondent") was held on August 21, 2018 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated July 3, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $30,000; and
- costs in the amount of $10,000.
In the Settlement Agreement, the Respondent admitted that:
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a) |
commencing on or about January 20, 2017, it permitted an individual who was seeking to becoming registered with it to engage in registerable activities without being registered, contrary to MFDA Rules 1.1.1 and 2.5.1; and |
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b) |
between December 2012 and August 2016, it failed to adequately supervise the outside business activities of its Approved Person, JT, contrary to MFDA Rules 1.1.1, 1.2.1(d) (now MFDA Rule 1.3), and 2.5.1. |
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 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
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