The Superintendent of Financial Services proposed to revoke the applicant's mortgage brokerage licence and impose a $3,000 administrative monetary penalty for failing to maintain required errors and omissions insurance on two occasions.
The applicant requested a hearing before the Financial Services Tribunal, conceding the contraventions but presenting mitigating personal circumstances.
The Tribunal found that a penalty was warranted to promote compliance and deter non-compliance, but reduced the quantum to $2,000 due to the applicant's low degree of negligence and complete cooperation.
The proposal to revoke the licence was deemed moot as the licence had already expired.
