The Superintendent of Financial Services issued a Notice of Proposal to revoke the applicant's mortgage brokerage licence and impose a $3,500 administrative penalty for failing to maintain required errors and omissions insurance.
The applicant requested a hearing before the Financial Services Tribunal.
The Tribunal found the applicant was grossly negligent in failing to renew its insurance but noted no actual harm occurred as the applicant was not conducting business.
The Tribunal increased the administrative penalty to $4,000 due to the premium savings and extreme carelessness, but declined to revoke the licence, finding the increased penalty sufficient to protect the public interest.
