The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $1,000 on the applicant mortgage brokerage for failing to maintain required errors and omissions insurance.
The applicant requested a hearing before the Financial Services Tribunal.
The Tribunal found that the applicant had contravened the requirement to maintain insurance for approximately eight months.
Considering the criteria for administrative penalties, including the reckless nature of the contravention and the potential harm to the public, the Tribunal ordered the Superintendent to carry out the proposal to impose the $1,000 penalty.
