Insurance Decisions and Freeze and cease trade orders
Montréal - The Bureau de décision et de révision (the "Bureau") has confirmed an agreement entered into between the AMF and independent representative Marcel Boudreault according to which Mr. Boudreault will pay a $5,000 penalty for various offences under An Act respecting the distribution of financial products and services.
The AMF claimed, among other things, that an inspection showed that Mr. Boudreault had committed various faults regarding the financial needs analysis, proper client record-keeping, the procedure for replacing insurance policies, the commissions register, separate accounts and advertising.
To continue practising as a representative over the next two years, Marcel Boudreault must be attached to a firm where he is neither the responsible officer nor a director and must carry out his professional activities under the supervision of a person named by the responsible officer of the firm to which he is attached. His registration as an independent representative will also be cancelled.