The Investment Dealers Association of Canada today released its 2003 enforcement statistics.

The statistics are found in the IDA’s Member Regulation – Enforcement Annual Report 2003.

The regulator says 2003 marked the first full year of mandatory reporting by member firms of all complaints and disciplinary matters to ComSet, the IDA’s Complaints and Settlements database. It adds that 2,670 events were reported to ComSet in 2003

The total number of complaints received in 2003 was 1,506, a 41% increase, which the IDA says can be attributed to ComSet.

It says that improved efficiency within the Complaints unit resulted in fewer complaint files remaining open at year end, despite the 41% increase in complaints received.

According to the IDA, the top three kinds of complaints received for the year were unauthorized and discretionary trading, unsuitable investments, and misrepresentations.

District Councils issued 47 disciplinary decisions in 2003, of which 41 involved individuals. In addition, 40 warning letters were sent (27 to individuals) by the Enforcement Department.

In 2003, total fines & costs assessed against firms was $265,189 and against individuals was $3,245,281.

The IDA says nine individuals received permanent bars from approval and two received suspensions. A further 19 individuals received conditions on their approval. One firm’s membership was terminated during the year.