The Superintendent of Financial Services proposed to impose an administrative 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 failed to secure the required insurance and that an administrative penalty was appropriate to promote compliance and prevent economic benefit from non-compliance.
Applying the regulatory criteria, the Tribunal directed the Superintendent to impose the $1,000 penalty.
