FSRA imposes administrative penalties against Michael Stoddart
The Financial Services Regulatory Authority of Ontario (FSRA) issued an order imposing three administrative penalties in the total amount of $30,000 on Michael Stoddart.
Michael Stoddart held himself out to be an insurance agent contrary to section 401 of the Act, engaged in unlicensed activity contrary to section 392.2(6) of the Act and section 2(1) of the Ontario Regulation 347/04, and knowingly made a false or misleading statement or representation in order to obtain certain payments or provide certain services to an insured, contrary to section 447(2)(a.3) of the Act.
FSRA issued this order as a result of a settlement with Michael Stoddart.
FSRA is working to protect consumers through its monitoring and enforcement activities.
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.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]