FSRA protects consumers by suspending health service provider licences and revoking mortgage brokering licences
To better protect consumers, the Financial Services Regulatory Authority of Ontario (FSRA) has suspended the licences of Health Services Providers (HSPs) and revoked the licences of mortgage brokerages who did not comply with annual reporting obligations and did not pay their fees.
“Compliance with filing requirements is not optional,” said Antoinette Leung, Executive Vice President, Market Conduct at FSRA. “In fact, these filings are critical in the work we do to protect consumers, and we will take action to keep the sector accountable.”
Filing an Annual Information Return (AIR) is critical because FSRA uses the information provided to inform supervision activities and identify potential risks to consumers.
HSPs and mortgage brokerages are required to file the AIR, even if their licence is suspended.
Mortgage brokerages and administrators who fail to file by the deadline may be subject to summary administrative penalties or other regulatory enforcement action.
The suspended HSPs and revoked brokerages were given several reminders to file their documents and were warned that failure to comply could result in a loss of their licence.
For reference, HSPs with suspended licences may still provide care to motor vehicle accident victims but cannot receive direct payment from insurance companies.
Learn more:
- view HSPs with suspended licences
- view mortgage brokerages with revoked licences
- check a licence holder’s status on FSRA’s registry for HSPs and mortgage brokerages
- learn more about the Health Service Provider Annual Information Return and Supervision Plan
- learn more about the Mortgage Brokering Annual Information Return and Supervision Plan
- review the HSP Quick Guide to Compliance for a brief overview of obligations under the Insurance Act, its regulations and applicable FSRA Rules
- review resources to better understand your obligations as a mortgage brokerage
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.