In the Matter of the FINANCIAL INSTITUTIONS ACT (RSBC 1996, c.141) (the “Act”)
and the INSURANCE COUNCIL OF BRITISH COLUMBIA (“Council”)
and BLAISE LESLIE SZEKELY (the “Licensee”)
DECISION AND ORDER UNDER SECTIONS 231 & 238 OF THE ACT
WHEREAS the Licensee currently holds a life and accident and sickness insurance (“Life Agent”) licence in British Columbia, and has been licensed in British Columbia since 2014;
AND WHEREAS in October 2019, the Licensee was the subject of disciplinary action by the Mutual Fund Dealers Association of Canada (the “MFDA”) that resulted in a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA member, a fine in the amount of $150,000, and the assessment of $5,000 in costs;
AND WHEREAS the Licensee failed to notify Council of the disciplinary action by the MFDA, as required by Council Rule 7(3)(a)(i);
AND WHEREAS Council determined that where an insurance agent has been banned from practicing in another segment of the financial services sector, the insurance agent's suitability to continue to engage in insurance business is brought into question;
AND WHEREAS Council concluded that to allow an insurance agent to continue to hold an active licence while banned from working in another financial services sector undermines the public's confidence in the insurance industry;
AND WHEREAS Council considers the length of time it would take to address this matter through an intended decision, pursuant to section 231 of the Act, would be detrimental to the due administration of the Act and the public's best interest;
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Decision and Order under Sections 231 & 238 of the Act Blaise Leslie Szekely LIC-197949C144980R1/ COM-2019-00312 December 13, 2019 Page 2 of 2
NOW THEREFORE Council orders that the Licensee's Life Agent licence be cancelled pursuant to sections 231 and 238 of the Act, effective the date of this order;
TAKE NOTICE that, pursuant to section 238 of the Act, the Licensee has the right to require a hearing on this order before Council by delivering written notice within 14 days of receipt of this order to Council at Suite 300, 1040 West Georgia Street, Vancouver, British Columbia, V6E 4H1; alternatively, the Licensee may appeal this order to the Financial Services Tribunal.
Dated in Vancouver, British Columbia, on the 13 _________________________________________ Chairperson, Insurance Council of British Columbia
th day of December, 2019. Lesley Maddison