Montréal, April 28, 2011 - On April 20, 2011, at the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision (the Bureau) imposed an administrative penalty of $15,000 on Jack Cytrynbaum Assurance inc.
The firm, which is registered in the sectors of insurance of persons, group insurance of persons and damage insurance, undertook to strengthen its supervisory and monitoring measures required under An Act respecting the distribution of financial products and services ("Distribution Act").
The AMF accused Cytrynbaum of failing to set up procedures for supervising its employees, failing to keep appropriate records, failing to analyze financial needs related to insurance of persons, failing to complete documents on the risk profile of clients and their financial information in matters related to segregated funds, and using the services of an independent representative to serve clients.
Cytrynbaum and the officer at the firm have been made aware of these problems and have taken the measures necessary to prevent this type of situation from happening again. The firm has agreed to implement supervisory and monitoring measures and made corrections to ensure compliance with the Distribution Act and its regulations.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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