Annual Report 2015-2016

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 regulated sectors including:

 

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 the Financial Services Commission of Ontario are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat [New Window].

 

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 and issued Practice Directions to guide the conduct of its hearings. The Statutory Powers Procedure Act also governs proceedings.

 

For the convenience of hearing participants, the FST’s hearing schedule, decisions, Rules of Practice and Procedure, and Practice Directions are posted on the FST website, as well as biographical sketches of current FST members.

 

The Tribunal has established published service standards and a tracking mechanism to facilitate public reporting on services.

 

Financial Services Tribunal Members

NamePositionTenure
Florence A. HoldenChair (Acting)August 11, 2004September 5, 2017
Denis W. BoivinVice-Chair (Acting)December 1, 2004July 22, 2017
John M. SolurshMemberAugust 11, 2004August 7, 2017
Paul FarleyMemberJanuary 5, 2015March 4, 2017
Ian McSweeneyMemberMarch 11, 2015May 10, 2017
Patrick William Longhurst MemberAugust 9, 2009August 7, 2017
Jeffrey RichardsonMemberAugust 12, 2008August 7, 2017
Jennifer Lynne BrownMemberJuly 8, 2010July 6, 2015
Jill WagmanMemberDecember 17, 2013December 16, 2016
Bethune WhistonMemberDecember 17, 2013December 16, 2016

 

Total Fiscal Year (04/01/15 - 03/31/16)
 # 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)545453198%
Confirm PHC date (Standard = 35 days in 90% of cases)5348512100%
Issue decision with reasons (Standard = 90 days in 90% of cases)4137410100%

 

 

The Financial Services Tribunal Activities table below summarizes the FST's activities in 2015-16.

 

Financial Services Tribunal Activities
ActivityPension Matters (Excluding Financial Hardship)Pension Matters (Financial Hardship)Mortgage MattersInsurance MattersCredit Union MattersLoan & Trust MattersTotal 2015–16Total 2014–15
Cases Pending at Beginning of Year78395419
New Cases Received629195485
Files Closed1119528250
Cases Pending at End of Year21862654
Oral Hearing Days31182234
Written Hearings22
Other Activity Days – Including: Pre-Hearing Conferences, Telephone Conferences, Settlement Conferences and Motions1437479887
Total Hearing (Oral and Written) and Activity Days before FST173867122121

Notes:

1. Table does not include FST quarterly meetings, days for deliberation or decision writing. Total member days were 373.5 for the period.

2. Numbers may reflect activity in respect of files opened prior to 2015-16 fiscal year.

3. Written hearings may relate to financial hardship matters, motions, requests for costs or requests for a review of a decision.

 

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