The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $1,500 on the applicant mortgage brokerage for failing to maintain errors and omissions insurance for a seven-month period.
The applicant requested a hearing, arguing it was inactive and intended to suspend its licence.
The Financial Services Tribunal found that the brokerage contravened the Act, as the insurance requirement attaches to the licence regardless of business activity.
The Tribunal directed the Superintendent to carry out the proposal to impose the $1,500 penalty.
