The Superintendent of Financial Services proposed to revoke the applicant's mortgage brokerage licence and impose a $1,000 administrative penalty for failing to maintain required errors and omissions insurance.
The applicant surrendered its licence, leaving only the penalty at issue.
The Financial Services Tribunal found that the applicant negligently failed to obtain the required insurance, justifying a penalty.
However, considering mitigating factors, including the applicant's mistaken belief that its real estate insurance was sufficient and its lack of actual mortgage brokerage business, the Tribunal reduced the penalty to $250.
