March 10, 2010 Organization Insurance

Montréal – The President and CEO of the Autorité des marchés financiers (the "AMF"), Jean St-Gelais, recently issued a number of decisions related to violations under An Act respecting the distribution of financial products and services.

Cancellations

The registrations of the following firms were cancelled:

• Hampstead Cameron inc., a damage insurance firm whose responsible officer, Pierre Fecteau, made misrepresentations or provided information that could have misled clients;
• Damage insurance firms Hampstead Cameron courtiers d’assurance inc. and Ricefco inc., whose responsible officer, Pierre Fecteau, no longer possesses the degree of honesty or capability required to act with care and competence given the allegations against him in connection with Hampstead Cameron inc.

Fines

The AMF has imposed fines totalling $10,000 on the two firms:

• a fine of $5,000 on Groupe financier Invico inc., which is registered in insurance of persons and group insurance of persons. The firm failed in conducting proper analyses of clients' financial needs and in issuing notices related to the replacement of insurance contracts;
• a fine of $5,000 on Groupe financier AGA inc., which is registered in insurance of persons and group insurance of persons. The firm allowed an employee to sell a group insurance product although the employee no longer held the required certificate.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.

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