PSC is registered as a mutual fund dealer and exempt market dealer in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, Quebec and the Northwest Territories. It has been a member of the MFDA since 2002.
In two instances, portfolio managers had client accounts heavily invested in precious metals mutual funds – in one case up to 98% – which was inconsistent with KYC information. One advisor was terminated by PSC while the other voluntarily resigned.
On July 15, 2018, the firm implemented a revised version of its policies and procedures in order to address its compliance deficiencies. There is no evidence of client harm resulting from PSC’s conduct.
PSC must also pay $10,000 costs.
