The applicant requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services refused consent to withdraw funds from a locked-in retirement account based on financial hardship.
The application was denied because it was made within 12 months of a previous successful application, contrary to subsections 89(4) and 89(5) of Ontario Regulation 909.
The Tribunal affirmed the Superintendent's refusal, noting it lacked authority to override the regulatory requirements despite compelling evidence of financial hardship.
