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The administrative Tribunal of the financial services imposes penalties to Copoloff

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January 25, 2018 09:45

The administrative Tribunal of the financial services (TAMF) has recently published its decision that stems from the agreement between the cabinet Copoloff insurance Agencies inc., Sidney Copoloff , and theAuthority of the financial markets occurred in the fall of 2017, and of which FlashFinance.ca has unveiled the details and the point of view of Copoloff in its edition of 23 October 2017.

Under the terms of the agreement with the Authority, the TMF, ordered the respondents to comply with their commitments : Copoloff insurance Agencies inc. is committed to pay a penalty of $ 60,000 and to ensure the change of its leader. The firm has already made a change of accountable officer, to the satisfaction of the Authority.

For his part, Sidney Copoloff is committed to pay a penalty of $ 5 000 and more not to act as the accountable officer of any firm of insurance for a period of five years.

Breaches of the ACT

The Authority had deposited in the TMF application of administrative penalties and orders, after making an inspection of the firm, which revealed several breaches of Act respecting the distribution of financial products and services and its regulations.

Among these, the absence of supervision and procedure of control and supervision of representatives, as well as problems in the analysis of the financial needs of customers and in the replacement procedure of the police.

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