Annual Report 2017-2018

Table of contents

 

Report of the Financial Services Tribunal

 

Established by the FSCO Act, the Financial Services Tribunal (FST) is an expert, independent adjudicative body. The FST conducts hearings and hears certain appeals on regulatory and disciplinary matters under statutes covering the sectors regulated by FSCO, including the:

 

  • Pension Benefits Act
  • Insurance Act
  • Mortgage Brokerages, Lenders and Administrators Act, 2006
  • Credit Unions and Caisses Populaires Act, 1994
  • Loan and Trust Corporations Act
  • Prepaid Hospital and Medical Services Act

The FST has exclusive jurisdiction to exercise the powers conferred on it by legislation and to determine all questions of fact or law that arise in its hearings.

 

The FST is composed of nine to 15 members, including the Chair and two Vice-Chairs, all appointed by the Lieutenant Governor in Council. The Chair and Vice-Chairs of the FST are also the Chair and Vice-Chairs of the Commission.

 

Appointments to the FST and FSCO are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat [New Window].

 

NAME POSITION TENURE (From/To)
Florence HoldenChair (Acting)August 11, 2004

September 6, 2017

Denis BoivinChair (Acting)

September 6, 2017

September 12, 2017

Ian McSweeney*Chair

September 13, 2017

September 12, 2019

Ian McSweeneyVice-Chair

March 11, 2015

May 10, 2020

Denis Boivin*Vice-Chair

December 1, 2004

October 17, 2019

Craig BrownMember

August 17, 2017

August 16, 2019

Paul FarleyMember

January 5, 2015

March 4, 2020

Caroline (Cally) HuntMember

February 8, 2018

February 7, 2020

Patrick LonghurstMember

August 9, 2009

August 7, 2017

Julie MaciuraMember

November 2, 2016

November 1, 2018

Audrey MakMember

November 2, 2016

November 1, 2018

Christopher PortnerMember

August 17, 2017

August 16, 2019

Jeffrey RichardsonMember

August 12, 2008

August 9, 2019

Mohammad Faisal SiddiqiMember

March 1, 2017

February 28, 2019

John SolurshMember

August 11, 2004

August 7, 2017

Jill WagmanMember

December 17, 2013

December 16, 2018

Bethune WhistonMember

December 17, 2013

December 16, 2018

*Current role

 

The FST is committed to providing an expert impartial hearing process that is accessible, prompt and fair. It has established its own Rules of Practice and Procedure (rules) – including practice directions recently consolidated therein – to guide the conduct of its hearings. The Statutory Powers Procedure Act also governs FST proceedings.

 

For hearing participants’ convenience, the FST’s hearing schedule, decisions and rules are posted on the FST website [New Window], along with biographical sketches of current FST members.

 

During 2017-18, the FST began a comprehensive review of its rules and forms to ensure they best reflect current practices. The FST also started reviewing its practices for self-represented parties, and hopes to introduce an online guide to help self-represented parties better understand the hearing process.

 

The FST also continued to recruit new adjudicators to ensure a roster of members who have experience and expertise in the regulated sectors.

 

Throughout 2017-18, the FST worked closely with the Ministry of Finance and the Financial Services Regulatory Authority to plan for the implementation of the Financial Services Tribunal Act, once proclaimed.

 

FST public service standards and activities

 

The FST has established published service standards and a tracking mechanism to facilitate public reporting on services. The table below summarizes how the FST performed against its standards:

 

  Total Fiscal Year
(April 1, 2017 – March 31, 2018)
  # of Cases / Decisions Target # of Cases # that met standard # that did not meet standard % that met standard
Letter to acknowledge hearing request
(Standard = 5 days in 100% of cases)
66

66

66

0

100%

Confirm PHC date
(Standard = 35 days in 90% of cases)
58

52

55

3

100%

Issue decision with reasons
(Standard = 90 days in 90% of cases)
2321221100%

 

The Financial Services Tribunal Activities table below summarizes the FST’s activities in 2017-18:

 

Activity Pension Matters (Excluding Financial Hardship) Pension Matters (Financial Hardship) Mortgage Matters Insurance Matters Credit Union Matters Loan & Trust Matters Total 2017‑18 Total 2016‑17
Cases Pending at Beginning of Year

2

-

13

13

-

-

28

27

New Cases Received

1

-

16

48

1

-

66

49

Files Closed

3

-

17

25

-

-

45

48

Cases Pending at End of Year

-

-

12

36

1

-

49

28

Oral Hearing Days

2

-

3

8

-

-

13

25

Written Hearings

-

-

7

7

-

-

14

8

Other Activity Days – Including: Pre-Hearing Conferences, Telephone Conferences, Settlement Conferences and Motions

2

-

29

54

-

-

85

73

Total Hearing (Oral and Written) and Activity Days before FST

4

-

39

69

-

-

112

106

Notes:

 
  1. Table does not include FST quarterly meetings, days for deliberation or decision writing. Total member days were 435.5 for the period.
  2. Numbers may reflect activity in respect of files opened prior to 2017-18 fiscal year.
  3. Written hearings may relate to financial hardship matters, motions, requests for costs or requests for a review of a decision.