The Superintendent of Financial Services issued a Notice of Proposal to revoke the applicant's mortgage brokerage licence and impose administrative penalties for failing to maintain errors and omissions insurance and failing to respond to inquiries.
The applicant requested a hearing before the Financial Services Tribunal.
The Tribunal found that the applicant intentionally and recklessly failed to maintain the required insurance for over 33 months and failed to respond to the regulator.
The Tribunal directed the Superintendent to revoke the licence and impose administrative monetary penalties totaling $5,000.
