The Financial Services Regulatory Authority of Ontario (FSRA) has issued two Notices of Intended Decision initiating enforcement action against Higginson Equipment Inc. in its roles as pension plan administrator, sponsor and employer. FSRA proposes to wind up the Pension Plan for the Employees of Higginson Equipment Inc. and impose total administrative penalties of CAD 19,000. FSRA alleges Higginson Equipment Inc. contravened Ontario’s Pension Benefits Act and its regulations by failing to remit required pension contributions of CAD 9,501.38 for April to August 2025 to the pension fund, contrary to section 4(4) of Regulation 909. Higginson Equipment Inc. has requested a hearing before the Financial Services Tribunal regarding the intended decisions.
Financial Services Regulatory Authority of Ontario 2025-11-27
Financial Services Regulatory Authority of Ontario issues intended decisions to wind up Higginson Equipment pension plan and levy CAD 19,000 in penalties
The Financial Services Regulatory Authority of Ontario (FSRA) has issued enforcement actions against Higginson Equipment Inc., proposing to wind up its pension plan and impose administrative penalties totaling CAD 19,000. FSRA alleges the company failed to remit pension contributions of CAD 9,501.38 from April to August 2025, violating Ontario’s Pension Benefits Act. Higginson Equipment Inc. has requested a hearing before the Financial Services Tribunal.