Investment industry complaints are tracking lower, but disciplinary activity is ahead of last year’s pace, according to data published on Friday by the Investment Industry Regulatory Organization of Canada (IIROC).
Through the first half of 2017, the self-regulatory organization (SRO) received 575 reports to its Complaints and Settlement Reporting System (ComSet), including 458 client complaints, putting it on track for a 25% drop in complaints this year on an annualized basis.
By comparison, IIROC recorded more than 1,400 ComSet reports for the full year 2016, including just over 1,200 complaints.
IIROC has completed 67 investigations so far this year, which would put it on track with last year when it completed 138 investigations during the year.
Disciplinary activity appears to be set to rise this year, according to the data. Through the first half, IIROC has rendered 23 decisions against individuals, and ordered almost $2.7 million in monetary sanctions, including fines, costs, and disgorgement. For 2016, the SRO imposed $3.1 million in total sanctions, against 40 individuals.
There have been four decisions against investment industry firms so far this year, compared with six decisions in all of 2016.
IIROC has imposed $447,000 in monetary sanctions against those firms, which is already ahead of last year’s total of $425,000.