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 .
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
|Florence A. Holden||Chair (Acting)||August 11, 2004||September 5, 2017|
|Denis W. Boivin||Vice-Chair (Acting)||December 1, 2004||July 22, 2017|
|John M. Solursh||Member||August 11, 2004||August 7, 2017|
|Paul Farley||Member||January 5, 2015||March 4, 2017|
|Ian McSweeney||Member||March 11, 2015||May 10, 2017|
|Patrick William Longhurst ||Member||August 9, 2009||August 7, 2017|
|Jeffrey Richardson||Member||August 12, 2008||August 7, 2017|
|Jennifer Lynne Brown||Member||July 8, 2010||July 6, 2015|
|Jill Wagman||Member||December 17, 2013||December 16, 2016|
|Bethune Whiston||Member||December 17, 2013||December 16, 2016|
|Total Fiscal Year (04/01/15 - 03/31/16)|
| ||# of Cases/|
|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)||54||54||53||1||98%|
|Confirm PHC date (Standard = 35 days in 90% of cases)||53||48||51||2||100%|
|Issue decision with reasons (Standard = 90 days in 90% of cases)||41||37||41||0||100%|
The Financial Services Tribunal Activities table below summarizes the FST's activities in 2015-16.
|Financial Services Tribunal Activities|
|Activity||Pension Matters (Excluding Financial Hardship)||Pension Matters (Financial Hardship)||Mortgage Matters||Insurance Matters||Credit Union Matters||Loan & Trust Matters||Total 2015–16||Total 2014–15|
|Cases Pending at Beginning of Year||7||–||8||39||–||–||54||19|
|New Cases Received||6||–||29||19||–||–||54||85|
|Cases Pending at End of Year||2||–||18||6||–||–||26||54|
|Oral Hearing Days||3||–||1||18||–||–||22||34|
|Other Activity Days – Including: Pre-Hearing Conferences, Telephone Conferences, Settlement Conferences and Motions||14||–||37||47||–||–||98||87|
|Total Hearing (Oral and Written) and Activity Days before FST||17||–||38||67||–||–||122||121|
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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