IIROC Sanctions Nancy Fairclough (Woods)

22-0118
Type: Enforcement Notice> Decision

Contact:

Andrew P. Werbowski
Director, Enforcement Litigation
Telephone:
Email:
Julia Mackenzie
Public Affairs Specialist
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July 27, 2022 (Toronto, Ontario) – On July 18, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Nancy Fairclough (Woods).

Ms. Fairclough (Woods) admitted that she acted as a Power of Attorney for a client and accepted a monetary gift from a client.

Specifically, Ms. Fairclough (Woods) admitted to the following violations:

  1. Between January 2019 and July 2020, the Respondent acted as a Power of Attorney for a client contrary to Dealer Member Rule 43.2(5)(i); and
  2. In January 2019, the Respondent accepted a $50,000 monetary gift from a client contrary to Dealer Member Rule 43.2(1).

Pursuant to the Settlement Agreement, Ms. Fairclough (Woods) agreed to the following penalty:

  1. a fine of $17,500.

Ms. Fairclough (Woods) also agreed to pay costs in the amount of $5,000.

This case was resolved by Early Resolution Offer.

Enforcement Staff agreed to a 30% reduction of the sanctions IIROC would otherwise seek.

The Early Resolution Offers promote the efficient resolution of cases at an earlier point in the enforcement process, while also ensuring investor harm is addressed through voluntary acts of compensation and the implementation of remedial measures by firms. Find out more here.

The Settlement Agreement is available at:

Fairclough (Woods), Nancy – Settlement Agreement

The Hearing Panel’s decision will be made available at www.iiroc.ca.

IIROC formally initiated the investigation into Ms. Fairclough’s conduct in March 2021. The conduct occurred while she was a Registered Representative with the North York branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Ms. Fairclough is still employed with RBC Dominion Securities Inc.

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All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.

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Other Notices associated with this Enforcement Proceeding: