Annual enforcement reports are rolling in. Next up: MFDA.
- 69 proceedings commenced against Members and Approved Persons in 2015, the highest number of proceedings commenced by the MFDA in any year to date.
- 65 hearings concluded in 2015, resulting in total fines of $5,389,650 and total costs of $479,500 against Members and Approved Persons, and 19 permanent prohibitions and six suspensions against Approved Persons.
- A focus on signature falsification cases with 38 of 69 commenced disciplinary proceedings involving this allegation.
- 40% of proceedings commenced in 2015 involved seniors or vulnerable persons (excluding signature falsification cases that do not involve a client complaint or harm to a client).
- The creation of a specialized unit for dealing with fairness and timeliness of Member complaint handling.