The Superintendent of Financial Services issued a Notice of Proposal to impose a $1,500 administrative monetary penalty against the applicant mortgage brokerage for failing to maintain errors and omissions insurance for a period of five and a half months.
The applicant requested a hearing but failed to attend.
The Financial Services Tribunal proceeded in the applicant's absence, found that the applicant contravened the requirement to maintain insurance, and concluded that the proposed $1,500 penalty was appropriate to promote compliance and deter future contraventions.
