OFST 2018

The Applicant, a licensed life insurance agent, requested a hearing before the Financial Services Tribunal regarding a Notice of Proposal to suspend his licence for three months.

The parties agreed that the Applicant failed to complete his required continuing education credits for five consecutive licensing periods and made false statements on two licence renewal applications regarding the completion of those credits.

The Tribunal found that the Applicant's repeated failure to comply with continuing education requirements and his provision of false information justified the proposed sanction.

The Tribunal ordered the Superintendent to suspend the Applicant's licence for a period of three months.

The Superintendent of Financial Services issued a Notice of Proposal to impose administrative penalties of $300,000 on the applicant for dealing in mortgages without a licence.

The applicant requested a hearing but subsequently failed to provide ordered disclosure and indicated it would take no further steps.

The Financial Services Tribunal issued a Notice of Intention to Dismiss for delay.

As the applicant made no submissions, the Tribunal dismissed the proceeding and ordered the Superintendent to carry out the proposal to impose the penalties.

The applicant, a licensed life insurance agent, failed to maintain errors and omissions (E&O) insurance for two periods totaling 14.5 months due to a serious illness.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty (AMP) of $2,000.

The applicant requested a hearing before the Financial Services Tribunal, arguing the penalty was excessive given his illness and the fact that he had not written any policies for seven years.

The Tribunal found that while an AMP was appropriate to promote compliance and prevent economic benefit, the proposed amount did not account for the exceptional circumstances.

The Tribunal directed the Superintendent to impose a reduced AMP of $1,000.

The Superintendent of Financial Services issued a Notice of Proposal to revoke the applicant's mortgage agent licence.

The applicant requested a hearing before the Financial Services Tribunal.

Before the hearing could take place, the applicant's licence expired without renewal.

The Tribunal issued a Notice of Intention to Dismiss the proceeding without a hearing on the basis of mootness, as it lacked jurisdiction to determine whether to revoke an expired licence.

Receiving no relevant submissions from the parties, the Tribunal dismissed the request for a hearing.

The applicant sought a new mortgage broker's licence 14 months after her previous licence was revoked for submitting false income information on mortgage applications.

The Superintendent issued a Notice of Proposal to refuse the application.

At the hearing, the applicant argued that domestic violence was the root cause of her past misconduct and that her circumstances had materially changed.

The Tribunal found that the domestic violence evidence was available at the original hearing and did not excuse the fraudulent conduct.

Furthermore, the Tribunal concluded that the applicant had not demonstrated a full understanding of the seriousness of her past actions, as she continued to minimize her misconduct to investigators and prospective employers.

The Superintendent's proposal to refuse the application was upheld.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative penalty on the applicant.

The applicant filed a Request for Hearing after the 15-day statutory deadline had expired.

At a pre-hearing teleconference, the applicant conceded the late filing and did not challenge the Superintendent's refusal to waive the deadline.

The Tribunal ordered that it lacked jurisdiction to hold a hearing in the matter.

The Superintendent of Financial Services proposed an administrative monetary penalty of $4,000 against the applicant, a licensed life insurance agent, for failing to facilitate an examination into whether she had errors and omissions insurance and whether she conducted business while unlicensed.

The Superintendent withdrew the second allegation and sought a $2,000 penalty.

The Financial Services Tribunal found that the applicant failed to facilitate the examination by missing deadlines, providing inconsistent responses, and failing to provide the requested proof of insurance.

The Tribunal ordered the imposition of a $2,000 administrative monetary penalty.

The applicant, an insurance agent, filed a request for hearing with the Financial Services Tribunal five days after the 15-day statutory deadline to dispute a proposal to revoke his licence and impose an administrative penalty.

The respondent requested the matter be dismissed for lack of jurisdiction.

The Tribunal held that it had no independent authority to extend the statutory time limit without the consent of both parties under the Statutory Powers Procedure Act.

As the respondent did not consent, the Tribunal dismissed the request for hearing without a hearing.

The applicant requested a hearing regarding a Notice of Proposal to Refuse Application issued by the Superintendent of Financial Services.

After participating in a pre-hearing teleconference, the applicant failed to comply with the agreed-upon timetable, failed to respond to communications from the respondent, and failed to respond to a Notice of Intention to Dismiss.

The Financial Services Tribunal dismissed the proceeding without a hearing for delay pursuant to Rule 34.03 of the Rules of Practice and Procedure.

The Applicant, a licensed insurance agent, failed to maintain errors and omissions (E&O) insurance coverage for an eleven-month period from April 2014 to February 2015.

The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty (AMP) of $1,650.

The Financial Services Tribunal found that the Applicant contravened the Insurance Act and that the proposed AMP was appropriate to promote compliance and prevent economic benefit.

The Tribunal ordered the Superintendent to impose the $1,650 AMP.

The Superintendent of Financial Services issued a Notice of Proposal to impose a $20,000 administrative penalty on the applicant for acting as an insurance agent without a valid licence.

The applicant requested a hearing but subsequently failed to attend a scheduled pre-hearing teleconference.

The Tribunal issued a Notice of Intention to Dismiss the proceeding unless reasonable cause was shown.

The applicant failed to provide any submissions or explanation for his non-attendance.

Consequently, the Tribunal dismissed the proceeding without a hearing pursuant to Rule 35.02 of the Rules of Practice and Procedure.

The applicant requested a hearing regarding the Superintendent's proposal to refuse his application for an insurance agent licence.

The applicant repeatedly failed to comply with the Tribunal's orders to provide documentary disclosure, witness statements, and input on an agreed statement of facts.

The Superintendent requested a dismissal for delay.

The Tribunal issued a Notice of Intention to Dismiss, to which the applicant did not respond.

The Tribunal dismissed the request for hearing and ordered the Superintendent to refuse the licence application.

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.

The Superintendent of Financial Services issued a Notice of Proposal to impose a $4,000 administrative monetary penalty on the applicant health service provider for allegedly charging for services not provided.

The applicant requested a hearing before the Financial Services Tribunal.

The Tribunal found that while there were inaccuracies and inconsistencies in the clinic's calendar and invoices, the Superintendent failed to prove that the billed services were not actually provided.

The Tribunal directed the Superintendent not to carry out the proposal to impose the penalty.

The Applicant, a paralegal facing professional misconduct allegations from the Law Society, applied for an insurance agent licence.

The Superintendent issued a Notice of Proposal to issue the licence with conditions based on the Law Society proceedings.

The Applicant brought a motion seeking particulars of the evidence the Superintendent intended to rely on and an order that the Superintendent was statute-barred by the two-year limitation period under section 449 of the Insurance Act.

The Tribunal dismissed the motion, finding that the Superintendent had been transparent in relying on the Law Society proceeding as a whole, and that the limitation period applies only to prosecutions for offences, not to the issuance of licences.

The appellant, an insurance agent, appealed a summary administrative penalty of $3,000 imposed for failing to disclose the names of all insurers he represented.

The Notice of Appeal was filed five days after the 15-day statutory deadline.

The Tribunal held that the 15-day deadline in subsection 441.4(4) of the Insurance Act is a substantive requirement, not a procedural one, and therefore cannot be waived under the Statutory Powers Procedure Act.

The appeal was dismissed without a hearing for lack of jurisdiction.

The Superintendent of Financial Services issued a Notice of Proposal to revoke the applicant's mortgage broker licence and impose administrative monetary penalties totalling $25,000.

The applicant requested a hearing before the Financial Services Tribunal.

The Tribunal found that the applicant contravened multiple requirements of the Mortgage Brokerages, Lenders and Administrators Act, 2006, including giving false information, dealing in mortgages outside his brokerage, receiving fees from clients directly, carrying on unlicensed mortgage lending through his own company, and putting his brokerages at risk of non-compliance.

The Tribunal also found the applicant made false statements on his licence renewal applications regarding his bankruptcy and complaint history.

Concluding that the applicant was no longer suitable to be licensed and that his conduct involved an intentional scheme to defraud vulnerable borrowers, the Tribunal ordered the revocation of his licence and the imposition of $25,000 in administrative penalties.

The Applicant, a licensed life insurance agent, requested a hearing after the Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $1,700 for failing to maintain errors and omissions insurance.

The Applicant admitted to lacking coverage for over 15 months but argued the lapse was unintentional and occurred while he was not conducting business.

The Financial Services Tribunal found that the Applicant breached the requirement to maintain continuous coverage and that a penalty was appropriate to promote compliance.

The Tribunal ordered the imposition of the $1,700 penalty, noting it was consistent with previous decisions for similar contraventions.

The applicant, a licensed mortgage agent, received Notices of Proposal to revoke his licence and impose an administrative monetary penalty.

He filed a Request for Hearing with the Financial Services Tribunal 22 days after deemed receipt of the notices, missing the 15-day statutory deadline under the Mortgage Brokerages, Lenders and Administrators Act, 2006.

The Superintendent did not consent to waive the procedural time limit.

The Tribunal held it lacked jurisdiction to extend the deadline or conduct a hearing without the Superintendent's consent, and dismissed the proceeding without a hearing.