The applicant mortgage brokerage requested a hearing to dispute a $1,000 administrative monetary penalty proposed by the Superintendent of Financial Services for failing to maintain required errors and omissions insurance.
The applicant's principal broker argued for mitigation based on severe personal and family difficulties that affected his ability to function.
The Financial Services Tribunal found that the failure to obtain insurance was intentional and that personal difficulties or impecuniosity did not excuse the non-compliance.
The Tribunal directed the Superintendent to impose the standard $1,000 penalty.
