The Financial Services Commission of Ontario’s work resulted in zero prosecutions, charges or court-imposed fines in 2013, the commission’s statistics show.
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This is the third consecutive year the financial regulator didn’t bring any charges to the Ontario Court of Justice. In 2010, the FSCO brought five charges to court, while action on older cases resulted in 11 prosecutions and fines in 2012.
FSCO did levy 10 administrative fines, for a total of $30,500, in 2013. Seven operators were slapped with license suspensions for misconduct. The commission also revoked two licences.
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Last year 101 operators surrendered their operating licences, while three licence applications were denied.
FSCO issued 31 letters of caution, which the office can issue in lieu of bringing charges or fines. In 2012, it issued 10.