February 11, 2014

On December 17, 2013, the Bureau de décision et de révision (the Bureau) ordered Martin CoutureNot to be confused with Martin Couture, who holds a certificate (# 182812) in claims adjustment in commercial-lines damage insurance and who pursues his activities with the Boiler Inspection and Insurance Company of Canada., an independent representative, to pay an administrative penalty of $7,500 and to be attached to a firm for a period of one year.

Martin Couture was criticized for failures uncovered in the course of an inspection conducted by the Autorité des marchés financiers (AMF). They include the lack of a financial needs analysis, a risk profile and financial data in client files, inadequate file maintenance and the lack of a commissions register.

As part of its decision, the Bureau stated that financial needs analyses, risk profiles and financial data in client files are key to the duties of a representative. The Bureau also highlighted the serious and repetitive nature of the other failures by Martin Couture.

However, since Martin Couture did not intend to act dishonestly or fraudulently and did not derive any profit from his conduct, the Bureau believes that an administrative penalty of $7,500 is justified and reasonable. As for the conditions governing his certificate, the Bureau believes that a one-year attachment to a firm is sufficient to meet the objectives.