The Superintendent of Financial Services issued a Notice of Proposal to impose administrative monetary penalties totaling $2,000 on a mortgage brokerage for failing to disclose the number of lenders it represented and for improperly paying a commission to a broker affiliated with another brokerage.
The brokerage requested a hearing, conceding the contraventions but arguing the proposed penalties were excessive.
The Financial Services Tribunal found that the contraventions resulted from negligence and that the penalties were appropriate for general and specific deterrence.
The Tribunal directed the Superintendent to impose the $2,000 penalty.
