What the FST Decides
The Financial Services Tribunal, continued under the Financial Services Tribunal Act, 2017, holds hearings on Notices of Proposal and decisions of FSRA’s CEO. Under the mortgage and insurance Acts, it can direct the CEO to carry out a proposal, with or without changes, or substitute its own opinion, and it can impose conditions (MBLAA, s. 21(4); Insurance Act, s. 407.1(4)). It determines matters by order, can attach conditions, and can make interim orders (FST Act, s. 9).
Starting a Case
Deadline
Mortgage licensees must request a hearing in writing within 15 days after the notice is received (MBLAA, s. 21(3)). Insurance agents and adjusters have 15 days after the notice is given (Insurance Act, s. 407.1(3)).
The FST provides Form 1 (Request for Hearing) to challenge a Notice of Proposal or Intended Decision of the CEO, and Form 2 to appeal a decision or order of the CEO.
After the Decision
An FST order is final unless the Act under which it was made provides for an appeal (FST Act, s. 9(4)). The mortgage and insurance Acts both provide an appeal to the Divisional Court (MBLAA, s. 21(5); Insurance Act, s. 407.1(5)). The FST’s order takes effect immediately, but the FST may stay it pending the appeal (MBLAA, s. 21(6); Insurance Act, s. 407.1(6)).
Checklist: Preparing for the FST
Documents to gather
- The Notice of Proposal and proof of when it was received or given
- Your licence file and application answers
- Evidence answering each ground in the notice
Details to check
- Your 15-day window and how it is counted under your statute
- Whether an interim order is in effect
- Whether a penalty proposal is combined with licence action
Rules and resources
- Financial Services Tribunal Act, 2017, s. 9
- MBLAA, ss. 18–22; Insurance Act, s. 407.1
- FST rules and Forms 1 and 2
Frequently Asked Questions
Is the FST the same as FSRA?
No. FSRA is the regulator; the FST is a separate tribunal that decides challenges to FSRA’s proposals and decisions.
Will my case be public?
FSRA publishes enforcement actions, including Notices of Proposal, in its public enforcement database.
Sources
Statutory references are to the provisions listed below, as consolidated on e-Laws when this page was prepared.
- Financial Services Tribunal Act, 2017, s. 9 — Checked on e-Laws November 10, 2026.
- Mortgage Brokerages, Lenders and Administrators Act, 2006, s. 21 — Checked on e-Laws November 10, 2026.
- Insurance Act, s. 407.1 — Checked on e-Laws November 10, 2026.
- Financial Services Tribunal, “Forms” — Checked November 10, 2026.