Disciplinary Actions

Preamble

Professional Members of the IAFP are granted the right to use the R.F.P. (Registered Financial Planner) designation on an annual basis. However, the IAFP’s By-Law 4.08 states “…the Board may suspend or terminate the membership of any Member who does not comply with the continuing obligations of membership…” and each member acknowledges this each year upon renewing their membership.

Since the IAFP took control of the R.F.P. designation in 2002, some R.F.P.s have received disciplinary sanctions from the IAFP Board of Directors (or the Board of Regents in cases of appeal). In some cases, the complaint has been resolved by corrective action. In the following two cases, the R.F.P. designation was entirely revoked.

2022

Sergio Salina
The IAFP conducted an investigation after the member self-reported he was the subject of an investigation by the Mutual Funds Dealers Association of Canada (MFDA). The MFDA found Mr. Salina used pre-signed forms between 2010 and 2018, contrary to MFDA Rules, he failed to disclose he had been named in a deceased client’s will, among other things. More information can be found on the MFDA website. – https://mfda.ca/case/202081

The IAFP Ethics and Disciplinary Committees agreed with the findings of the MFDA and considered the penalties already assessed along with the fact that there was no harm to clients. The matter was closed with an Administrative fine and a requirement to complete the IAFP Ethics exam.

2014

Jack Comeau
The IAFP Board of Directors voted unanimously to revoke the R.F.P. designation for Jack Comeau. Mr. Comeau did not comply with the Institute’s annual disclosure requirements by (repeatedly when asked) neglecting to inform the Institute of a Mutual Fund Dealers Association (MFDA) investigation, the results of which can be found here – http://mfda.ca/case/201609

Leonard Bick
The IAFP Board of Directors voted unanimously to revoke the R.F.P. designation for Leonard Bick. Mr. Bick did not comply with the Institute’s annual disclosure requirements by (repeatedly when asked) neglecting to inform the Institute of a Mutual Fund Dealers Association (MFDA) investigation, the results of which can be found here – http://mfda.ca/case/200925

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