In a recent order, the Financial Services Regulatory Authority of Ontario (FSRA) has revoked a service provider’s license issued to Eglinton Square Orthotic and Wellness after the business failed to submit annual information returns, despite receiving multiple reminders about their obligations and despite receiving extensions for filing the requisite paperwork.
FSRA says licensed service providers need to provide the annual information returns, as the information contained in them is what enables FSRA to calculate annual regulatory fees payable by service providers under the province’s Insurance Act.
In the current case, the licensee did not submit an annual information return for the year 2020, despite the fact that the deadline for filing the return was extended by three months, to June 30, 2021. “The licensee failed to submit the annual information return before the deadline and to date has not submitted the annual information return, despite multiple reminders and requests (made) between the period of February 2021 and September 2021,” FSRA’s revocation order states.
