In an Investment Dealers Association of Canada hearing yesterday, it was decided a compliance monitor would be installed at Union Securities Ltd.

After a recent IDA sales compliance review revealed significant repeated regulatory deficiencies, senior management at the firm promised to address the issue. However, in the course of a new audit, there was not enough evidence of change.

Grant Thornton LLP, the IDA-approved compliance monitor, will report regularly to the Association on its findings. The firm will conduct day-to-day monitoring of all of Union’s procedures and compliance systems as well as a complete evaluation of its compliance systems and corporate governance structure. Grant Thornton will also suggest what should be done for Union’s compliance systems to Union’s board of directors, in order to bring it up to the IDA’s by-laws, regulations, rules and policies.

In keeping with the IDA order, Grant Thornton begins its duties as compliance monitor today.