September 8, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) announced that it has issued a Notice of Settlement Hearing dated August 15, 2022, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Prairie Regional Council.
The settlement agreement will be between Staff of the MFDA and Robert Angus Colvin (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
- between October 2010 and November 2019, without the Member’s prior written consent, the Respondent paid compensation totaling approximately $1,376 directly to 9 clients for fees or penalties incurred by the clients due to errors by the Respondent, contrary to the Member’s policies and procedures and MFDA Rules 2.1.4, 2.1.1, 1.1.2 (as it relates to Rule 2.5.1), and MFDA Policy No. 3;
- between December 2014 and September 2019, the Respondent altered and used to process transactions, 30 account forms in respect of 26 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1; and
- between February 2015 and February 2020, the Respondent obtained, possessed and used to process transactions, 7 pre-signed account forms in respect of 8 clients, contrary to MFDA Rule 2.1.1.
The settlement hearing will take place electronically by videoconference on November 1, 2022, commencing at 10:00 a.m. (Central), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact firstname.lastname@example.org.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the Winnipeg, Manitoba area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 76,695 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.