Reader Poll: MFDA Panel regulations

According to the IFB, under current MFDA regulations surrounding Hearings Panels, there is no mechanism to compensate an advisor in any way if the case brought against him or her is found to be without merit. “Even when a Panel finds in the favour of the advisor, the MFDA can appeal the case requiring the […]

By Staff | February 5, 2010 | Last updated on February 5, 2010

1 min read

“Even when a Panel finds in the favour of the advisor, the MFDA can appeal the case requiring the advisor to begin the process again. With no ability to award compensation to the advisor, the advisor is left to bear the full cost of the regulatory action,” said IFB executive director, John Whaley.

Also, recent amendments to MFDA By-Law No. 1 permits Panels to hold hearings without notifying the advisor.

What are your thoughts on these regulations?

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