FSCO shuts down Myrtie Rose

(December 29, 2004) Ontario’s Superintendent of Financial Services is warning the public to avoid dealing with Myrtie Rose Benefit Program Inc., pointing out the company is not licensed in the province.

On December 24, 2004, the Financial Services Commission of Ontario (FSCO) issued an Interim Cease and Desist Order against the company and its directors Joy Morris, Ian Anthony Morris, Fisola Robinson and Tinuola Shaw.

Advisors should ensure the cancellation of automatic payments made from their clients’ bank account. The FSCO order mandates that Myrtie Rose stop accepting such payments, but advises the public to cancel them nonetheless.

While the regulator is ordering the company to notify its customers that it is not licensed, the order does not demand the refunding of premiums.

A copy of the Interim Cease and Desist Order is available on the FSCO website, along with a list of all companies licensed to carry on the business of insurance in Ontario: www.fsco.gov.on.ca.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com