Overview
- Public and Business Service Delivery Minister Stephen Crawford notified RECO of his intention to appoint an administrator to restore confidence and protect consumers.
- A Dentons investigation reported significant deficiencies in RECO’s practices and questioned its organizational culture.
- The review found former registrar Joseph Richer deviated from typical enforcement by pursuing an undertaking with iPro rather than freezing accounts or issuing a suspension.
- RECO waited about three months to alert the public, and iPro’s trust accounts showed a shortfall exceeding $10 million, the largest case in RECO’s history.
- At the minister’s direction, RECO released the Dentons report and says it has begun implementing recommendations, including stronger oversight, a new risk framework and more stakeholder engagement.