The Chief Executive Officer of the Financial Services Regulatory Authority (FSRA) appealed a decision of the Financial Services Tribunal that ordered the issuance of insurance agent licences to the respondent.
The respondent had previously made false statements on his licence applications regarding his termination from a bank and had conducted unlicensed insurance activity.
The Tribunal found that despite the misconduct, the respondent was suitable to be licensed subject to strict supervision conditions and a $10,000 penalty.
On appeal, the Divisional Court held that the Tribunal made no errors of law or palpable and overriding errors of mixed fact and law.
The Tribunal was entitled to substitute its opinion for that of the FSRA and properly weighed the evidence, including the respondent's positive employment record and the context of his misconduct.
The appeal was dismissed.