The Superintendent of Financial Services appealed a Divisional Court order that vacated a Tribunal's revocation of Sussman Mortgage Funding Inc.'s licence and substituted a lesser penalty with terms.
The Court of Appeal agreed that the Tribunal erred by not allowing Sussman to make penalty submissions, but found the Divisional Court erred in law by failing to provide reasons for substituting the penalty.
The Court of Appeal allowed the appeal in part, remitting the matter to a differently constituted Tribunal to assess the penalty based on the original findings of conduct.
