A Port Coquitlam mutual fund dealer has paid the British Columbia Securities Commission $20,000 for failing to comply with client account securities rules.

Under a settlement reached with Ascot Financial Services Ltd., Reid Marvin Liske, Ascot’s president and compliance officer, has been barred from acting as a compliance officer for at least three years.

The proceeding arose when BCSC enforcement staff found that Ascot failed to establish prudent business procedures for dealing with clients. Staff determined that from 1995 to 2000, the firm’s compliance officer and branch managers failed to properly approve the opening of some new client accounts and to supervise certain transactions made.

Ascot’s salespeople also failed to determine suitability by not asking some of their clients about their investment needs and objectives, says the BCSC. “Ascot was warned about these breaches in October 1995 but did not do anything about them.”