Barry B. Papazian

The appellant, a licensed life insurance agent, appealed an order suspending his licence for nine months and imposing conditions for 24 months.

The order was based on a finding of unsuitability stemming from prior disciplinary proceedings by the Mutual Fund Dealers Association (MFDA) for selling unapproved financial products and borrowing money from a client.

The Financial Services Tribunal determined that the applicable standard of review for the appeal was reasonableness.

The Tribunal found that the Director's findings of unsuitability and the imposed penalty were reasonable, subject to striking one unenforceable condition regarding a discharged bankruptcy and modifying an indefinite employment restriction.

The appeal was otherwise dismissed.

The applicant, a licensed life insurance agent, appealed a decision suspending his licence for nine months and imposing conditions for a further 24 months.

He brought a motion for a stay of the suspension order pending the determination of his appeal.

Applying the RJR MacDonald test, the Financial Services Tribunal found that while there was a serious issue to be tried, the applicant failed to establish that he would suffer irreparable harm if the stay were denied.

The evidence of potential job loss was speculative, and the balance of convenience favoured protecting the public interest.

The application for a stay was dismissed.