The Financial Services Regulatory Authority of Ontario (FSRA) has revoked an agent’s license and imposed administrative penalties in the amount of $18,000 after Susan Keshen, formerly of Financial Horizons Incorporated, admitted to carrying on business as an insurance agent in a name other than that on her license. She is also being sanctioned for making false and misleading statements in soliciting and registering insurance.
Specifically, Keshen was in a personal relationship with another former agent, who’d been sanctioned and who was no longer registered, but who carried on business as an office manager after his license was revoked.
Related:
Unlicensed activity, false statements lead to $30,000 penalty
When his license was initially revoked, Michael Stoddart’s book of business was transferred to Keshen by Financial Horizons. Keshen did not pay for the book of business and neither agent informed clients that their insurance agent had changed. Keshen allowed Stoddart unsupervised access to client information, gave him permission to use her advisor code, sign on her behalf and send forms to Manulife Financial. She did not review all forms and did not confirm instructions with clients when Stoddart met with clients alone. (Stoddart also possessed and used her login credentials.)
When Keshen created Standard Wealth Management (SWM), an unincorporated entity, the firm’s branding was used on a website soliciting insurance clients, on the door of the business and used on printed and electronic communications with clients. The firm has never been licensed under the Insurance Act in Ontario.
Manulife and Financial Horizons terminated their relationships with Keshen in March 2020. When Keshen’s license expired in August 2022 her application to renew it was refused. In addition to the monetary penalty, Keshen’s license remains revoked.
