The Superintendent of Financial Services issued Notices of Proposal to revoke Future Financial Inc.'s mortgage brokerage licence and impose a $3,000 administrative penalty for failing to maintain required Errors and Omissions insurance.
The applicant requested a hearing, arguing that the principal broker was distracted by family health issues.
The Financial Services Tribunal found that the failure to maintain insurance was highly negligent and that the applicant had operated while uninsured.
The Tribunal directed the Superintendent to carry out the proposals, imposing the penalty and revoking the licence.