May 16, 2016 Insurance

On April 1, 2016, the Bureau de décision et de révision ("Bureau") issued a decision against Brokerforce Insurance inc. ("Brokerforce") and its responsible officer, Guy Bernard. The decision is further to an agreement setting out administrative penalties against the firm and Guy Bernard.

The Bureau ordered Brokerforce to pay an administrative penalty of $28,000 for allowing individuals who were not certified by the AMF to act as insurance of persons representatives in Québec and for carrying out activities through a representative who was not attached to the firm.

As well, the Bureau imposed an administrative penalty of $3,500 on Guy Bernard for failing to comply with his obligations as responsible officer at Brokerforce and for allowing the individuals and the representative at issue to collect information and deliver advice to Québec clients.