It is relatively rare to hear of the FMA taking action against RFAs. Obviously RFAs now need to contemplate the likelihood of a revised Financial Advisers Act next year and a two or three year implementation timetable. More current activity arising from the FMA’s trawl of lapse and sales data is being felt right now. But this release describes action taken against an RFA recently. If you read the full release you might think the adviser was quite fortunate the matter ended as it did. Link.