Enforcement order

An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSCO’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 7, 19 and 21

AND REGARDING Restwell Financial Corporation o/a Restwell Mortgage

REVOCATION ORDER

On September 30, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to revoke the mortgage brokerage licence of Restwell Financial Corporation o/a Restwell Mortgage (“Restwell”).

Restwell had 15 days after service of the Notice to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with section 21(2) of the Act.

The Registrar of the Tribunal has confirmed that no request for a hearing has been received from Restwell or anyone on its behalf in respect of the proposal to revoke.

Section 21(7) of the Act provides that the Superintendent may carry out the proposal to revoke a licence when no hearing has been requested.

ORDER

The mortgage brokerage licence of Restwell Financial Corporation o/a Restwell Mortgage is revoked.

DATED at Toronto Ontario, January 20, 2015.

Original signed by

Shonna Neil
Director, Licensing Branch

By Delegated Authority from:
The Superintendent of Financial Services