Scotia Securities Inc. settled a regulatory matter regarding mismanaged customer complaints. The subsidiary incorrectly processed securities-related complaints through the bank’s standard system between June 2022 and May 2024. This error resulted in customer issues being resolved under an improper regulatory framework.
Canada’s Investment Regulatory Organization approved the settlement on August 6, 2026. The agreement includes a $275,000 fine plus associated costs.
Activist group Fair Finance Watch is citing this lapse to oppose Scotiabank’s acquisition of Texas-based MapleMark Bank. The group petitioned the U.S. Federal Reserve to deny the application based on these compliance failures.