MFDA Hearing Panel accepts settlement agreement with Helen Collymore

TORONTO, Oct. 3, 2022 /CNW/ - A settlement hearing in the matter of Helen Collymore (the "Respondent") was held electronically by videoconference on September 29, 2022 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 accepted the settlement agreement dated August 17, 2022 (the "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 $7,500;
•  costs in the amount of $5,000; and
•  shall in the future comply with MFDA Rules 1.1.2, 2.1.1, 2.2.1, 2.2.4, and 2.5.1.

In the Settlement Agreement, the Respondent admitted that:

1. on or around September 4, 2009, she opened a new account and processed a purchase of mutual funds in respect of a client who was a non-resident of Canada, which she was not permitted to do pursuant to the policies and procedures of the Member, and MFDA Rules 2.1.1, 2.5.1 and 1.1.2; and
2. between 2009 and 2019, she failed to update a client's residential address when she became aware that the client was no longer residing in Canada which concealed from the Member that the client was no longer a resident of Canada and would therefore be subject to different tax treatment in respect of the client's investments held at the Member, contrary to the Member's policies and procedures and MFDA Rules 2.2.1, 2.2.4, 2.5.1 and 1.1.2.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Mississauga, Ontario area.

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 76,695 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

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]