MFDA Hearing Panel approves settlement agreement with Investia Financial Services Inc.

TORONTO, Nov. 2, 2018 /CNW/ - A settlement hearing in the matter of Investia Financial Services Inc. (the "Respondent") took place on November 1, 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 September 12, 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 $100,000;
• costs in the amount of $10,000; and
• in the future shall comply with MFDA Rule 2.5.5(c).

In the Settlement Agreement, the Respondent admitted that from January 1, 2014 to July 13, 2017, HollisWealth Advisory Services Inc. (now known as Investia Financial Services Inc.) implemented a remote branch supervision structure in at least 24 branches, without first receiving MFDA approval, contrary to MFDA Rule 2.5.5(c).

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