Quebec regulator cancels registration of two firms; fines two more

The Autorité des marches financiers (AMF) has cancelled the registration of two insurance firms and fined two others.
The Quebec regulator cancelled Hampstead Cameron inc., a damage insurance firm’s registration, when Pierre Fecteau, the firm’s responsible officer, allegedly “made misrepresentations or provided information that could have misled clients,” an AMF release said.
Fecteau was also the responsible officer of Hampstead Cameron courtiers d’assurance inc. and Ricefco inc. The AMF cancelled the registration of these firms because Fecteau “no longer possesses the degree of honesty or capability required to act with care and competence given the allegations against him in connection with Hampstead Cameron inc.,” the release said.
The AMF also imposed fines totalling $10,000 on two firms:
•    Groupe financier Invico inc. allegedly failed in conducting proper analyses of clients’ financial needs and in issuing notices related to the replacement of insurance contracts; and
•    Groupe financier AGA inc. allegedly allowed an employee to sell a group insurance product, although the employee no longer held the required certificate.