OFST 2017

The Superintendent of Financial Services proposed to refuse a service provider's licence to the applicant because its proposed principal representative had allegedly failed to fulfill regulatory duties for a previous employer.

The Financial Services Tribunal found that the representative had left the previous employer before the application naming her was filed, and she was unaware of the designation.

The Tribunal concluded she was not burdened with the responsibilities of a principal representative unknowingly and ordered the Superintendent to issue the licence.

The applicant, a licensed life insurance agent, requested a hearing after the Superintendent of Financial Services issued a Notice of Proposal to impose a $2,000 administrative monetary penalty for failing to maintain errors and omissions insurance for over 14 months.

The applicant admitted to the failure but argued she was unaware of the penalty and had not conducted business during that time.

The Financial Services Tribunal found that the penalty was appropriate to promote compliance and deter others, noting that the applicant saved on premiums during the uninsured period.

The Tribunal ordered the imposition of the $2,000 penalty as proposed.

The applicants requested a hearing regarding a proposal to revoke their mortgage administrator licence.

The proceeding was held in abeyance while the individual applicant was incarcerated for criminal fraud.

After his release, the applicants failed to take steps to proceed, failed to appear at a pre-hearing conference, and failed to respond to a Notice of Intention to Dismiss.

The Tribunal dismissed the proceeding without a hearing for undue delay and failure to appear.

The applicant requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to revoke its mortgage brokerage licence.

The Tribunal issued a Notice of Intention to Dismiss after the applicant consistently failed to comply with prior orders regarding the service and filing of documents.

As no submissions were received in response to the Notice, the Tribunal dismissed the proceeding without a hearing.

The Superintendent issued a Notice of Proposal to Refuse Renewal of the applicant's mortgage broker licence.

The applicant requested a hearing but failed to attend the scheduled pre-hearing conference.

The Tribunal issued a Notice of Intention to Dismiss.

The applicant claimed he did not receive the conference call, but the Tribunal rejected this explanation as the panel Chair witnessed multiple attempts to contact him at the provided numbers.

The proceeding was dismissed.