The Superintendent of Financial Services issued a Notice of Proposal to impose administrative penalties of $300,000 on the applicant for dealing in mortgages without a licence.
The applicant requested a hearing but subsequently failed to provide ordered disclosure and indicated it would take no further steps.
The Financial Services Tribunal issued a Notice of Intention to Dismiss for delay.
As the applicant made no submissions, the Tribunal dismissed the proceeding and ordered the Superintendent to carry out the proposal to impose the penalties.
