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TCU Wealth Management has selected Qtrade Financial Group as its new dealer for investments and mutual funds, as well as online brokerage services.

“Our partnership with Qtrade will provide clients access to a more diverse portfolio of investment solutions including mutual fund dealer services, online brokerage, full service brokerage and discretionary money management,” said Celeste Labrecque, general manager, TCU Wealth Management. “We are excited about what the future holds for our offering which will allow our clients access to some of the best wealth management services available in the country.”

TCU Wealth Management has offices in Regina and Saskatoon, and is a subsidiary of TCU Financial Group, a full service financial institution with nearly $500 million in assets.

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B.C. seeks pension input

The British Columbia Minister of Finance is seeking public input on ideas to strengthen the pension system and expand pension coverage.

According to Towers Watson, this consultation is the latest development in a federal-provincial review of Canada’s pension system and will be of interest to employers across Canada.

Two possible approaches for expanding the Canada Pension Plan have been outlined along with changes to income tax and pension standards legislation. These proposals have the potential of dramatically changing the pension landscape in Canada.

However, it remains to be seen whether there will be sufficient political resolve to move forward on national pension reform in 2010.

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IIROC sets hearing for Ian Douglas Sauder

The Investment Industry Regulatory Organization of Canada (IIROC) will convene a hearing panel into the activities of Ian Douglas Sauder, formerly a registered representative at the Toronto Branch of Union Securities.

Sauder is alleged to have produced false client statements between July 2005 and December 2008. During that time, he also is alleged to have forged client signatures on account documents and instructions without the knowledge or consent of the client.

Between January 8, 2008 and October 27, 2008, he alleged conducted eight unauthorized transactions in the account of two clients.

Notice is hereby given that a hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Monday, May 3, 2010 at IIROC Boardroom 2, at 121 King Street West, Suite 1600, Toronto, Ontario, at 10:00 am or as soon thereafter as possible, to hear evidence and submissions in the matter of Ian Douglas Sauder (the “Respondent”).

And between June 2005 and December 2008, he concealed from his employer the fact that one client was his spouse and that he was a beneficial owner of the account. He controlled and conducted transactions in that account.

On or about October 7, 2009, Saunder allegedly failed to co-operate with IIROC investigation staff.

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IIROC accepts settlement with Antonio Cornacchia

The Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement with Antonio Cornacchia, a former registered representative with the Woodbridge Branch of TD Waterhouse Canada.

Under the settlement, Cornacchia admitted that he had used a cheque signed by a client for an improper purpose, namely to pay another client.

He also transferred funds from various client accounts to other client accounts, without the clients’ full knowledge or consent. Finally, he caused an account to be opened without the client knowledge or consent.

Cornacchia has been slapped with a permanent ban on approval of registration in any capacity with IIROC.

(03/12/10)