The Financial Services Regulatory Authority of Ontario (FSRA) has revoked the expired life insurance and accident & sickness insurance agent’s license of Jonathan Matthew Warden for failing to cooperate with various investigations into his conduct and into the conduct of Daniel Tiffin, who is well known to the regulator and others.
“Warden demonstrated untrustworthiness to transact insurance business by working with non-licensee Daniel Emerson Tiffin (Tiffin), failing to cooperate with an insurer's investigation, and failing to cooperate fully with FSRA's investigation, including obfuscating his relationship with Tiffin,” FSRA states in its announcement regarding the decision.
The notice of proposal in the case accuses Warden of signing client documents as the agent of record for Tiffin’s clients, after having minimal contact with the clients. In the minutes of settlement in the case, FSRA tones this down, saying Warden had met with the referred clients and worked with them on their insurance needs.
First licensed in November 2021, between November 19, 2021 and December 19, 2022, Warden earned $158,447.26 in net commissions. He paid Tiffin $50,000.
During its investigation, Warden told one insurer that he had no ongoing relationship with Tiffin and that it was another agent who referred the clients. He also refused to answer the insurer’s questions. He similarly failed to fully respond to inquiries from FSRA during its investigation. “Warden’s delay in cooperation hindered FSRA’s investigation into his conduct and into Tiffin’s conduct,” the minutes of settlement states.
After Warden withdrew his request for a hearing before the Financial Services Tribunal, FSRA also reduced the administrative penalty it sought to impose. Instead of the $10,000 proposed, the regulator imposed an administrative penalty of just $5,000.
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