The Superintendent of Financial Services issued a Notice of Proposal to impose a $1,000 administrative monetary penalty on the applicant, a licensed life insurance agent, for failing to respond to a mandatory market conduct questionnaire.
The applicant requested a hearing before the Financial Services Tribunal.
The Tribunal found that the applicant failed to provide the requested information, but reduced the penalty to $500 because her failure was negligent rather than intentional, she was not actively working in the industry at the time, and she derived no economic benefit from the contravention.
