FINRA announces Transamerica Financial Advisors, Inc. has agreed to pay approximately $4.4 million in restitution to approximately 2,400 customers for failing to supervise its registered representatives’ recommendations of three different products – variable annuities, mutual funds, and 529 plans.   Further details are available here.   Photo Credit: Pixabay

The Consumer Financial Protection Bureau has published a final rule covering remittances transfers (Rule).    The Rule imposes requirements on entities that send international money transfers on behalf of consumers.     Among its requirements, the Rule mandates that remittance transfer providers generally must disclose the exact exchange rate, the amount

The Bank of Canada has published its Financial System Review (FSR) for 2020.     The FSR focuses exclusively on COVID-19 impact on the Canadian financial system.  It details the results of policy actions introduced to assist Canadians and businesses through this extremely challenging period.   To date, the Bank’s policy

OSFI has announced that deposit-taking institutions can use their Pillar II capital buffers to absorb unexpected losses arising from the impact of the COVID-19 disruption.   This flexibility, the regulator hopes, will assist financial institutions to continue supporting Canadians and Canada-based businesses through these extraordinary times.   OSFI expects these

The current economic instability caused by the COVID-19 pandemic has raised questions globally about how best to approach bank capital requirements and the resulting implications for bank dividend policies.   To this extent, the Superintendent of OSFI provided an overview of the existing capital regime in Canada.  This is in