Decisions and Freeze and cease trade orders Insurance
Montréal - On June 5, 2015, the Bureau de décision et de révision (the "Bureau") issued a decision as follow-up to an agreement between the Autorité des marchés financiers ("AMF"), Services Financiers Fortier et associés Inc. and the firm's responsible officer, Jacques Fortier.
Accordingly, the Bureau imposed the penalties set out in the agreement and issued orders to ensure the parties comply with their undertakings. Specifically, the Bureau ordered the firm to pay $12,500 as an administrative penalty for violations of various legal provisions, including with respect to keeping adequate records, the analysis of financial needs, risk profiles and the procedure applicable to replacement notices. As well, the Bureau imposed an administrative penalty on Jacques Fortier in the amount of $1,250 as the firm's responsible officer in connection with the violations noted above.
Finally, the Bureau specifically ordered the firm to fulfill various undertakings, in particular with respect to setting up or maintaining policies and ensuring that its representatives comply with An Act respecting the distribution of financial products and services and its regulations.