Enforcement Activities

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.

For information on regulatory activities, see FSCO’s

Monitoring and Enforcement Online, Monitoring and Enforcement Bulletins or Pension Bulletins.

Cease and Desist Orders

Consumer Scams Information and FSCO Warning Notices

The Office of the Superintendent of Financial Institutions Canada (OSFI) publishes a warning list of companies that it believes may be of concern to consumers and other stakeholders. None of the companies are licensed by FSCO or regulated by OSFI.