A Red Deer investment adviser has been sanctioned by the Investment Industry Regulatory Organization of Canada (IIROC).
Douglas Charles Allan, president of the Red Deer branch of Retire First Ltd., agreed to a settlement with IIROC last month, the terms of which require him to pay a fine of $60,000 and costs of $10,000. He must also re-write the Canadian Securities Institute’s conduct and practices handbook exam.
Allan acknowledged that he failed to remain informed about a client’s needs and to ensure that his recommendations to that client were suitable for her financial circumstances. This inappropriate conduct occurred between February 2008 and September 2011.