The Chief Executive Officer of the Financial Services Regulatory Authority brought a motion to stay an order of the Financial Services Tribunal pending an appeal to the Divisional Court.
The Tribunal had previously ordered the CEO to issue an insurance agent licence to the responding party on conditions, despite a Notice of Proposal to refuse the licence.
Applying the RJR-MacDonald test, the Tribunal found there was a serious issue to be tried, irreparable harm to the public interest if the stay was not granted, and that the balance of convenience favoured the regulator.
The motion for a stay was granted.
