Compliance Memo

Compliance Memorandum 2015-02; Certified Cheques

For more information, contact:

Compliance Team
compliance@gpwealth.ca

Date Issued:

April 10, 2015

On February 6, 2015, GPWM issued Compliance Memorandum 2015-01; Certified Cheques, requiring that all client cheques for deposit over $150,000.00 must be Certified Cheques.
We have received feedback form many of our financial advisors to look at an additional option to address the concerns around the requirement for obtaining a certified cheque.

As a result, if a client provides a cheque for deposit over $150,000 that is not a certified, the financial advisor can choose to deposit the cheque and process the trade as normally with the condition and understanding that, should the cheque be returned as non-sufficient funds (NSF), GPWM will immediately reverse the transaction and the financial advisor will be responsible for any dilution costs or losses, the NSF Fee as well as an administrative fee of $50.00.

We believe that this additional option provides our financial advisors with the flexibility and choice in deciding if they wish to ask their clients for a certified cheque.

As always, if you have any questions or comments, contact the Compliance Department by email at compliance@gpwealth.ca.