FSCO’s enforcement process: Consumer Questions and Answers

Q1. FSCO is taking enforcement action against a company / individual I do business with. Why is this happening, and what does it mean?


A1. To protect consumers and plan members, FSCO monitors and examines the companies and individuals in the sectors it regulates (including insurance, loan and trust companies, credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations; and service providers that invoice auto insurers for statutory accident benefits claims).


When FSCO finds non-compliance with the law, it takes appropriate enforcement action, which can include a letter of caution, fines, a Compliance Order or the restriction, suspension or revocation of a licence or registration.

See FSCO’s Enforcement Online for more information.


Q2. If FSCO takes enforcement action against a company or individual, can I still do business with them?


A2. It depends on the type of enforcement action FSCO has taken. In the case of a letter of caution or fine, the business or individual can continue to conduct business, provided they become compliant with the law. By extension, you may continue to transact business with them.


However, if FSCO issues a Compliance Order, such as an interim (temporary) cease and desist, or an Order to suspend or revoke a licence, against a business or individual, they must stop all business activity immediately. As a result, you can no longer do business with them because that company or individual cannot legally conduct business at that time.


Q3. How can I find out if the person / company I am dealing with is licensed to do business in Ontario?


A3. You can check the licence status of mortgage brokerages, administrators, brokers and agents; the status of insurance companies; and the status of insurance agents. To view enforcement actions FSCO has taken against a person or company in the sectors it regulates, visit Enforcement Online.


Q4. What happens after FSCO issues an enforcement action?


A4. Once an Order has been issued against an entity or individual, they have 15 days to request a hearing before the Financial Services Tribunal (FST). If they do not request a hearing within that time, the Interim Order may become permanent. For more information on FST hearings and processes, please visit the FST website [New Window].  


Q5. Am I protected if the company / individual I am dealing with can no longer do business? Will FSCO be responsible for any financial loss I incur?


A5. FSCO does not have the ability to offer restitution. You are strongly advised to obtain independent financial and legal advice with respect to your personal circumstances.


Q6. I have a complaint involving a company or individual. How can I file a complaint with FSCO?


A6. To file a complaint with FSCO about any of the sectors we regulate, please send an email to contactcentre@fsco.gov.on.ca. For more information on resolving a complaint in a specific FSCO sector, see: insurance; co-operatives; loan and trust; mortgage brokering.