TORONTO, Feb. 10, 2017 /CNW/ - Home Capital Group
Inc. (the Company) stated that it received an enforcement notice
from staff of the Ontario Securities Commission (OSC) after the
close of business on February 9,
2017 relating to the Company's disclosure in 2014 and 2015
regarding the impact of the Company's findings that income
information submitted on some loan applications had been falsified
and the subsequent remedial steps taken by the Company, including
the suspension of brokers and brokerages.
The notice indicates that it is the preliminary conclusion of
OSC staff that the Company failed to meet its continuous disclosure
obligations during that period. The Company has the opportunity to
respond to the notice before OSC staff makes a decision whether to
commence proceedings. The Company intends to respond and to
continue to cooperate with OSC staff. The Company believes that its
disclosure satisfied applicable disclosure requirements.
Home Capital Group Inc. is a public company, traded on the
Toronto Stock Exchange (HCG), operating through its principal
subsidiary, Home Trust Company. Home Trust is a federally regulated
trust company offering residential and non-residential mortgage
lending, securitization of insured residential first mortgage
products, consumer lending and credit card services. In addition,
Home Trust offers deposits via brokers and financial planners, and
through its direct to consumer deposit brand, Oaken Financial. Home
Trust also conducts business through its wholly owned subsidiary,
Home Bank. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.