The Financial Services Regulatory Authority of Ontario (FSRA) has imposed an administrative penalty of CAD 50,000 and issued a compliance order against Daniel Emerson Tiffin following a decision of the Financial Services Tribunal. The order prohibits Tiffin from acting as an insurance agent, collecting commissions on insurance business in Ontario, and engaging in the business of insurance in Ontario. The Tribunal found that Tiffin acted as an insurance agent without a licence and used licensed agents as “fronts” to receive commissions. After becoming unlicensed, he provided former clients with insurance advice, including where to transfer policies and which new policies to select, and recruited licensed agents to sign and submit paperwork. FSRA noted it has separately taken enforcement action against the fronting agents, including licence revocations and administrative penalties, and issued the order based on the Tribunal’s decision in Daniel Emerson Tiffin v. Ontario (CEO of FSRA), 2025 ONFST 19.
Financial Services Regulatory Authority of Ontario 2025-05-02
Financial Services Regulatory Authority of Ontario imposes CAD 50,000 penalty and compliance order on Daniel Emerson Tiffin for unlicensed insurance agent activity
The Financial Services Regulatory Authority of Ontario imposed a CAD 50,000 penalty and compliance order against Daniel Emerson Tiffin, prohibiting him from acting as an insurance agent in Ontario. The Financial Services Tribunal found Tiffin operated without a licence and used licensed agents to receive commissions. FSRA has also taken enforcement actions against these agents, including licence revocations and penalties.