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.
For further information: Laura Lepore, Assistant Vice President, Investor Relations, 416-933-5652, [email protected]