Mutual fund dealer, W.H. Stuart Mutuals of Markham, Ontario, has agreed to pay a $25,000 fine to the British Columbia Securities Commission of Vancouver for lack of supervision of the company’s sales staff, according to the Commission.

The company’s major infractions were a 'failure to maintain complete and accurate records of its business transactions; [a] failure to establish and apply written business procedures for dealing with clients; [a] failure to approve opening of new client accounts; [and a] failure to supervise transactions made for clients,' according to the Commission.

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