The Investment Industry Regulatory Organization of Canada (IIROC) announced Nov. 19 that is has fined Raymond James Ltd. $75,000 plus $2,500 in costs.
“Raymond James Ltd. admitted it failed to revise and maintain an adequate supervisory system designed to achieve compliance with IIROC's rules and all other laws, regulations and policies applicable to its securities business. In particular, Raymond James Ltd. failed to have an adequate procedure for selecting fee-based accounts for supervisory review…” stated the regulator.
IIROC formally initiated the investigation into the firm’s conduct in August 2015.
To learn more, consult the settlement agreement on IIROC’s website.