A hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada has suspended the membership rights and privileges of Farm Mutual Financial Services Inc.

The panel handed down the suspension on August 19.

In a order issued August 19, the MFDA said that on August 7 Farm Mutual filed an assignment for the general benefit of its creditors with the official receiver and appointed Soberman Tessis Inc. as its trustee in bankruptcy.

On August 6, Farm Mutual gave notice to the MFDA of its intention to resign its membership in the MFDA.