To protect consumers and enhance public confidence in the sectors it regulates, FSCO monitors, investigates and takes appropriate regulatory action when there is non-compliance with legislation and regulations that relate to the regulated sectors. Non-compliance may result in enforcement action.
There are several ways to resolve enforcement matters:
- Letter of Caution, advising that stronger regulatory action will be taken in the event of another violation;
- Minutes of Settlement, whereby the Superintendent and a person reach an agreement about the appropriate resolution of the non-compliance;
- A formal hearing before the Advisory Board, Superintendent or the Financial Services Tribunal (FST) which may result in an order to restrict, suspend or revoke a licence or registration;
- The Superintendent may issue 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;
- Prosecutions under the Provincial Offences Act (POA), which may result in a fine, and in the case of a prosecution involving the Mortgage Brokers Act, a period of incarceration.