Enforcement Process

Enforcement action may be required when Financial Services Commission of Ontario (FSCO) deems non-compliance with legislation and regulations may have occurred.
 

To resolve enforcement matters, the Superintendent (or his/her delegate) may: 

 

  • Issue a Letter of Caution, advising that stronger regulatory action will be taken in the event of another violation. 
  • Issue Minutes of Settlement, whereby the Superintendent and a person reach an agreement about the appropriate resolution of the non-compliance.
  • Partake in:
    • Financial Services Tribunal [New Window] (FST) hearing - Which may result in a Superintendent’s Order to restrict, suspend or revoke a license or registration, or a Cease and Desist Order whereby a person is required to stop specific activities or is ordered to perform acts that are necessary to remedy the situation.  
    • Superintendent's hearing, or
    • An Advisory Board hearing - Established under the Insurance Act, assists in determining the granting or refusal of a new license or the possible revocation or suspension of an existing license for insurance agents and adjusters. The Board considers evidence presented by the applicant or agent, as well as that put forward by counsel for FSCO, and then makes a recommendation to the Superintendent
  • Lay charges under the Provincial Offences Act (POA) [New Window] which may result in a fine, and in the case of a prosecution involving the Mortgage Brokerages, Lenders and Administrators Act [New Window], a period of incarceration. 

FSCO's Enforcement Online Directory

 
Enforcement Online is designed to provide you with detailed Enforcement Activity Reports outlining specific actions taken against the following regulated sectors:
 
Insurance – Agents, Corporate Agencies , Companies, Company Representatives
 
  • Mortgage Brokers
  • Credit Unions & Caisses Populaires
  • Loan & Trust Corporations