If you found out your doctor had been permanently banned from practicing medicine, would you want her to be your pharmacist?
Likely not. But an Advisor.ca investigation has identified nine cases between 2013 and 2015 where reps were permanently banned by their SRO and remained authorized to sell life insurance products for periods ranging from six months to years after. Of those nine, five are still authorized to sell today (Sept. 14, 2016).
As part of that investigation, Advisor.ca combed through all the people who appeared in IIROC and MFDA’s enforcement reports from 2013 to 2015. That means we reviewed more than 250 cases.
We wanted to highlight two that were particularly egregious: one was disciplined by IIROC, the other by the MFDA. In both cases, the person disciplined is still currently authorized to sell insurance products.
What can be done about this? Read our recommendations.