The Applicant, a licensed mortgage agent, requested a hearing before the Financial Services Tribunal after the Superintendent of Financial Services issued a Notice of Proposal to impose a $1,000 administrative monetary penalty.
The penalty was proposed because the Applicant failed to complete a mandatory online questionnaire, contrary to subsection 29(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006.
The Tribunal found that the Applicant breached the Act by failing to respond to multiple emails and a registered letter.
However, considering the Applicant's uncontradicted medical evidence of depression and anxiety during the relevant period, the Tribunal found the contravention was negligent rather than intentional or reckless.
The Tribunal ordered the Superintendent to impose a reduced penalty of $500.
