The Superintendent of Financial Services issued a Notice of Proposal to impose an administrative monetary penalty of $3,000 on 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 before the Financial Services Tribunal, arguing that the penalty should be waived or reduced to the equivalent of the unpaid premiums.
The Tribunal upheld the $3,000 penalty, finding that the applicant's failure to maintain insurance was intentional and reckless, that it was a repeat offence, and that the penalty was appropriate to promote compliance and remove economic benefit.
