Updated: Sentry appoints new CEO due to OSC investigation

By Staff | January 17, 2017 | Last updated on January 17, 2017
1 min read

Sentry Investments Inc. has appointed Philip Yuzpe as President and CEO. He succeeds Sean Driscoll, who served as Sentry’s CEO since 2013.

This change follows regulatory inquiries concerning the company’s compliance with National Instrument 81-105 – Mutual Fund Sales Practices and the commencement of an investigation by the Ontario Securities Commission. Sentry says a special committee of the board of directors of Sentry Investments Corp., Sentry’s parent company, was formed in September 2016 to examine compliance issues relating to sales practices.

As a result, Sentry has taken a number of actions to begin correcting these sales practices issues, including the appointment of Yuzpe (who’s Ultimate Designated Person as well as president and CEO) and the resignation of Driscoll.

Further, under the supervision of the special committee, Sentry says an external compliance consultant is being retained to review and recommend improvements to the company’s internal policies, procedures and practices, and internal controls.

The consultant’s findings will be reported to the OSC, and Sentry has committed to implementing all of their recommendations for changes or improvements to ensure its business practices and compliance function are consistent with industry best practices and regulatory expectations.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.