MFDA Hearing Panel accepts settlement agreement with Wealthsimple Advisor Services Inc.

MFDA Hearing Panel accepts settlement agreement with Wealthsimple Advisor Services Inc.

TORONTO, Nov. 24, 2022 /CNW/ – A settlement hearing in the matter of Wealthsimple Advisor Services Inc. (the "Respondent") was held electronically by videoconference on November 23, 2022 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement dated October 31, 2022 (the "Settlement Agreement"), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:

  • a fine in the amount of $100,000; and
  • costs in the amount of $20,000.

In the Settlement Agreement, the Respondent admitted that:

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