The Financial Services Regulatory Authority of Ontario (FSRA) has initiated an enforcement action against Jonathan Matthew Warden.
According to the regulator, Warden failed to respond to its inquiries within the required period and didn’t provide prompt and complete information, violating certain sections of the Insurance Act.
FSRA is suggesting it will revoke Warden’s insurance agent license and impose an administrative penalty of $10,000.
Warden has requested a hearing before the Financial Services Tribunal regarding this proposal.
Earlier this year the regulator revoked the insurance agent license of Minh Anh Nguyen for falsifying documents to an insurer and misappropriated client funds. It also refused to renew Noella Caspersz’s insurance agent license after she directly or indirectly paid compensation to a non-licensee.
Last year, the FSRA also took enforcement action against Ishaan Ahuja for allegedly providing false information in his applications for licensure, as well as for his questionable character and reputation.
The FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protection in Ontario. It regulates various sectors of the insurance industry in the province, including property and casualty, life and health and pension plan administrators.
