The applicant requested a hearing before the Financial Services Tribunal regarding the Superintendent's proposal to impose a $1,000 administrative penalty for failing to maintain required errors and omissions insurance.
The Tribunal found that the applicant failed to comply with the insurance requirement under the Mortgage Brokerages, Lenders and Administrators Act, 2006, justifying a penalty.
However, considering mitigating factors such as the applicant's honest belief that existing insurance was sufficient and their efforts to rectify the situation, the Tribunal directed the Superintendent to reduce the penalty to $500.
