Mohammad Faisal Siddiqi

The applicant filed a request for a hearing to challenge a Notice of Proposal to impose a $20,000 administrative penalty for paying compensation to a non-licensee.

After a history of adjournments and failures to attend pre-hearing conferences, the applicant failed to attend the scheduled hearing, which had been set peremptory on him.

The Financial Services Tribunal applied Rule 35.01 of its Rules of Practice and Procedure to dismiss the proceeding without further hearing and without notice, ordering the CEO to carry out the Notice of Proposal.

The Applicant sought a hearing before the Financial Services Tribunal after the Superintendent of Financial Services proposed to refuse the renewal of his insurance agent licence.

The Superintendent alleged that the Applicant submitted five fraudulent continuing education certificates with his renewal application.

The Tribunal found that the Applicant had not completed the required 30 hours of continuing education and had purchased the fraudulent certificates from a third party without completing any coursework.

Applying the Henderson factors, the Tribunal concluded that the Applicant's conduct demonstrated untrustworthiness and a lack of integrity, rendering him unsuitable to hold a licence.

The Tribunal ordered the Superintendent to refuse to renew the licence.

The applicant, a licensed life insurance agent, failed to maintain errors and omissions insurance for 7.5 months after leaving his sponsoring insurer.

He mistakenly believed his licence and insurance obligations were automatically suspended.

The Superintendent proposed a $1,300 administrative monetary penalty.

The Tribunal found that an AMP was appropriate but reduced the quantum to $750, noting the applicant's honest but negligent mistake, the lack of actual harm, and the minimal economic benefit derived from unpaid premiums.