The applicant, a licensed mortgage brokerage, requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to impose a $1,000 administrative penalty.
The penalty was proposed because the applicant failed to maintain required errors and omissions insurance.
The applicant argued financial hardship and non-receipt of notices due to a change of address.
The Tribunal found that the applicant intentionally failed to maintain the insurance and failed to notify the Superintendent of its address change.
The Tribunal confirmed the $1,000 administrative penalty to promote compliance and prevent economic benefit.
