The applicant, a registered real estate brokerage, applied for and received a mortgage brokerage licence but failed to obtain the required errors and omissions insurance.
The Superintendent of Financial Services proposed to revoke the licence and impose a $1,000 administrative penalty.
The applicant requested a hearing before the Financial Services Tribunal.
The Tribunal found that the applicant was reckless in failing to comply with the insurance requirement and upheld the $1,000 administrative penalty, while noting the parties' agreement regarding the potential surrender or revocation of the licence.
