The Superintendent of Financial Services proposed to impose administrative monetary penalties totalling $5,500 on the applicant mortgage brokerage for seven contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations.
The applicant requested a hearing before the Financial Services Tribunal, admitting the contraventions but arguing the penalties were excessive due to personal circumstances.
The Tribunal found that the penalties were appropriate to promote general and specific deterrence and that the applicant's personal circumstances did not excuse the failure to comply with strict regulatory requirements.
The Tribunal directed the Superintendent to impose the $5,500 penalties.
