The applicant mortgage brokerage requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to revoke its licence and impose a $1,000 administrative penalty for failing to maintain errors and omissions insurance.
The Tribunal found that the applicant failed to comply with the insurance requirement, justifying the licence revocation.
The Tribunal also upheld the $1,000 administrative penalty to promote compliance and prevent economic benefit.
The Tribunal directed the Superintendent to carry out the proposals unless the applicant provided proof of insurance by a specified date.
