Martin Brown

The applicant requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to impose a $1,000 administrative penalty.

The penalty was proposed because the applicant failed to maintain the required errors and omissions insurance for her mortgage brokerage licence for several months.

The Tribunal found that the applicant failed to comply with the statutory requirement and that the penalty was justified to promote compliance and prevent economic benefit.

The Tribunal directed the Superintendent to impose the $1,000 penalty.

The applicant, a former member of a wound-up pension plan, claimed he elected to receive a monthly pension and did not receive the commuted value of his pension.

The Superintendent of Financial Services proposed to refuse to make an order under the Pension Benefits Act, asserting the applicant's pension entitlement was transferred to a locked-in RRSP in 1990.

Applying the best evidence rule due to incomplete records, the Tribunal evaluated banking documents, statements from the funding agent, and the applicant's testimony.

The Tribunal found on a balance of probabilities that the applicant had received the commuted value of his pension into a locked-in RRSP, discharging the administrator's obligations.

The applicant's request was dismissed.

The applicant, a registered real estate brokerage, applied for and received a mortgage brokerage licence but failed to obtain the required errors and omissions insurance.

The Superintendent of Financial Services proposed to revoke the licence and impose a $1,000 administrative penalty.

The applicant requested a hearing before the Financial Services Tribunal.

The Tribunal found that the applicant was reckless in failing to comply with the insurance requirement and upheld the $1,000 administrative penalty, while noting the parties' agreement regarding the potential surrender or revocation of the licence.

The applicant mortgage brokerage requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to impose an administrative penalty for failing to maintain errors and omissions insurance.

The Tribunal found that the applicant failed to comply with the requirement to maintain insurance from July 2008 to March 2009.

Applying the criteria under the Administrative Penalties Regulation, the Tribunal directed the Superintendent to impose an administrative penalty of $1,000.

The applicant, a licensed mortgage broker, requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services proposed to revoke her licence and impose an administrative penalty for failing to maintain required errors and omissions insurance.

Prior to the hearing, the applicant surrendered her licence, withdrawing her request regarding the revocation.

The Tribunal found that the applicant failed to comply with the insurance requirement and that an administrative penalty was justified to promote compliance and prevent economic benefit.

Applying the regulatory criteria, the Tribunal directed the Superintendent to impose a $1,000 administrative penalty.

The Financial Services Tribunal held a hearing to consider the approval of Minutes of Settlement regarding the partial wind-up of a pension plan and the distribution of surplus.

The Tribunal approved the settlement, added affected members as parties, and ordered the applicant to file an amendment to the plan and a surplus withdrawal application.

The Superintendent was directed to issue a Notice of Proposal approving the application.

The applicant, a former member of a pension plan, sought to transfer the commuted value of his pension to a locked-in retirement account due to financial hardship.

The Superintendent proposed to refuse the transfer because the applicant was eligible for an immediate pension and his annual benefit exceeded the statutory threshold for a lump sum payment.

The Financial Services Tribunal found that the Superintendent's proposal was premature, as the plan administrator had discretion to permit the transfer.

The Tribunal ordered the Superintendent to ascertain whether the plan administrator would exercise its discretion to allow the transfer before making a final decision.