In an effort to further boost industry transparency, the Investment Industry Regulatory Organization of Canada (IIROC) Thursday began publishing a new report that details reps who have unpaid fines outstanding.

IIROC’s new Unpaid Fines Report lists individuals (advisors and other registered employees) that the regulator says have failed to pay fines, disgorgement, and/or costs that were imposed on them as a result of disciplinary action. Monetary sanctions can result from either through a hearing or a settlement agreement.

There are more than 120 names on the report, with five individuals each owing more than $1 milllion. The largest outstanding penalty is for $5 million. (See Investment Executive, Toronto broker fined $5 million, January 20, 2012.)

Typically, IIROC collects the vast majority of fines levied on dealers, but most individual sanctions go unpaid, and it has little recourse in most provinces to enforce those penalties, if the disciplined person leaves the industry. For example, it reports that in 2013, while it collected 98.1% of the monetary penalties assessed against firms, IIROC only collected 10.5% of the penalties assessed against individuals.

IIROC says that individuals who face monetary sanctions will be placed on the default list if they fail to pay the amount owing within 60 days. Failure to pay a fine will also result in IIROC taking immediate steps to suspend them until payment is made.

The report, which will be updated quarterly, includes fines handed down in cases since June 2008, which is when IIROC was created. It does not include cases that are under appeal. In addition to detailing the unpaid fines, the report includes embedded links to the details of the disciplinary action that generated the penalties in the first place.

“We are publishing this information to improve transparency and give investors another tool they can use to conduct due diligence when choosing to work with an advisor,” said Paul Riccardi, senior vice president, member regulation at IIROC.

“This initiative complements other online IIROC resources that help protect the public and enable investors to make informed decisions, including IIROC’s AdvisorReport and Glossary of Financial Certifications,” added Riccardi.