The Financial Services Regulatory Authority of Ontario (FSRA) has extended a 10-month suspension by an additional two months and added continuing education and supervisory conditions to the license of Timothy Pal (licence # 94022025) after the Canada Life Assurance Company submitted a Life Agent Reporting Form (LARF) accusing Pal of fraud, forgery and misrepresentation.
Editors note: Please be advised that there are two agents with the same name licensed in Ontario. Timothy Michael Pal license number 2119786 of Toronto, Ontario, Director of Partner Solutions has not been sanctioned in this case.
The regulator says its representatives believe the finding raises concerns regarding Pal’s suitability to hold a license under the Insurance Act in Ontario. “Such concerns can be addressed through an order for suspension and the imposition of conditions on the license, to which the licensee consents and undertakes to comply,” they write.
According to the LARF submitted by Canada Life, the company found eight instances of Pal forging a client’s signature between 2003 and 2016. The order does not say how the forgeries were discovered.
In addition to extending the suspension period to 12 months, ending in November 2022, Pal’s license has also been amended to impose conditions, including that he successfully complete a professional ethics course through a FSRA-approved Life License Qualification Program (LLQP) before November 1. He must also be supervised for two years, beginning on the last day of his suspension. FSRA’s suspension will also remain in effect until the regulator accepts an approved supervisor.
