The Superintendent of Financial Services proposed to revoke the applicant's mortgage brokerage licence and impose a $3,000 administrative penalty for failing to maintain errors and omissions insurance for a second time.
The applicant requested a hearing before the Financial Services Tribunal, arguing it believed its licence had been surrendered and thus insurance was not required.
The Tribunal found the applicant's belief that the licence was surrendered was genuine and reasonable, meaning the failure to maintain insurance was not intentional, reckless, or negligent.
The Tribunal reduced the administrative penalty to $1,000 and ordered a six-month licence suspension instead of revocation.
