The Mutual Fund Dealers Association of Canada (MFDA) has fined Investia Financial Services Inc. (Investia) $100,000 as part of a settlement agreement.
In addition to the fine, Investia will have to pay $10,000 in costs.
Remote branch supervision
In a statement issued Nov. 2, the regulator said that between Jan. 1, 2014 and July 13, 2017, HollisWealth Advisory Services Inc. (now known as Investia Financial Services Inc.) implemented a remote branch supervision structure in at least 24 branches, without first receiving MFDA approval.
To learn more, consult the Settlement Agreement on the regulator’s website.