The Mutual Fund Dealers Association of Canada has suspended the membership rights and privileges of IOCT Financial Inc.

On Feb. 10 in Toronto, a public representative of the MFDA’s Central Regional Council suspended the company’s membership until further order of a hearing panel.

The order came after IOCT Financial’s registration as a mutual fund dealer was suspended in the province of Ontario. After failing to rectify the circumstances, IOCT was designated in early warning by the MFDA, according to the order.

The company also failed to comply with the terms and conditions imposed by the MFDA after it was designated an early warning, according to the MFDA.