Annual Report 2016-2017

​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 Pension Benefits Act
  • the Insurance Act
  • the Mortgage Brokerages, Lenders and Administrators Act, 2006
  • the Credit Unions and Caisses Populaires Act, 1994
  • the Loan and Trust Corporations Act
  • the 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 the Financial Services Commission of Ontario are made in accordance with the guidelines established by Ontario’s Public Appointments Secretariat.

FINANCIAL SERVICES TRIBUNAL MEMBERS

NAMEPOSITIONTENURE* 
Florence A. Holden

Chair (Acting)

August 8, 2014

September 5, 2017

Denis W. Boivin

Vice-Chair (Acting)

December 1, 2014

July 22, 2020

Ian McSweeney

Vice-Chair (Acting)

March 11, 2015

May 10, 2020

Paul Farley

Member

January 5, 2015

March 4, 2020

Patrick William Longhurst

Member

August 9, 2009

August 7, 2017

Julie Maciura

Member

November 2, 2016

November 1, 2018

Audrey Mak

Member

November 2, 2016

November 1, 2018

Jeffrey Richardson

Member

August 12, 2008

August 9, 2019

Mohammad Faisal Siddiqi

Member

March 1, 2017

February 28, 2019

John M. Solursh

Member

August 11, 2004

August 7, 2017

Jill Wagman

Member

December 17, 2013

December 16, 2018

Bethune Whiston

Member

December 17, 2013

December 16, 2018

*In 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 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 [New Window], as well as biographical sketches of current FST members.

 

During this time, the FST updated its rules of Practice and Procedure in response to minor amendments relating to the elimination of settlement conferences. It also created and published a data inventory in accordance with Ontario’s Open Data Directive to improve transparency, accountability and openness.

 

The FST continues to recruit new adjudicators to ensure a roster of members who have experience in its allocated areas of responsibility, especially in light of the upcoming departures of several senior adjudicators.

 

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

FINANCIAL SERVICES TRIBUNAL SERVICE STANDARDS

Total Fiscal Year (04/01/16-03/31/17)
 # of Cases / DecisionsTarget # 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)
494948198%
Confirm PHC date
(Standard = 5 days in 100% of cases)
4742434100%
Issue decision with reasons
(Standard = 90 days in 90% of cases)
1917190100%

 

The Financial Services Tribunal Activities table below summarizes the FST’s activities in 2016-17.

 

Financial Services Tribunal Activities
ActivityPension Matters (Excluding Financial Hardship)Pension Matters (Financial Hardship)Mortgage MattersInsurance MattersCredit Union MattersLoan & Trust MattersTotal 2016–17Total 2015–16
Cases Pending at Beginning of Year

2

-

19

6

-

-

27

54

New Cases Received

4

-

23

22

-

-

49

54

Files Closed

4

-

29

15

-

-

48

82

Cases Pending at End of Year

2

-

13

13

-

-

28

26

Oral Hearing Days

2

-

21

3

-

-

26

22

Written Hearings

-

-

6

2

-

-

8

2

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

3

-

49

20

-

-

72

98

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

5

-

76

25

-

-

106

122

Notes:
1. Table does not include FST quarterly meetings, days for deliberation or decision writing. Total member days were 362.5 for the period.
2. Numbers may reflect activity in respect of files opened prior to fiscal 2016-17.
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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