rgbspace/123RF
James Langton
The Investment Industry Regulatory Organization of Canada (IIROC) will hold a hearing on Nov. 12 to consider a proposed settlement with Toronto-based Raymond James Ltd. in connection with alleged supervisory lapses involving the dealer’s oversight of fee-based accounts, IIROC announced Wednesday.
The terms of the settlement will only be released if it’s approved by an IIROC hearing panel.
Specifically, the proposed settlement involves allegations that the firm’s procedure for “selecting fee-based accounts for supervisory review became insufficient,” IIROC says in a notice.
The allegations have not been proven.
IIROC launched its investigation into the allegations in August 2015.