FSRA issues Notice of Proposal to Refuse to Renew Licence and Impose Administrative Penalties against Stewart Edward Ranft

TORONTO, May 30, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Stewart Edward Ranft (Ranft).

FSRA alleges that Ranft contravened the Insurance Act (Act) and its regulations by:

• making several false and misleading statements and representations to an insurer in the registration of insurance contrary to section 17(c) of Ontario Regulation 347/04; and
• furnishing false or misleading information to FSRA in his licence renewal application contrary to section 447(2)(a) of the Act.

FSRA has determined that Ranft is not suitable to be licensed as an insurance agent and is proposing to refuse the renewal application for Ranft's insurance agent licence. FSRA is also proposing to impose administrative penalties in the total amount of $56,000 on Ranft.

Ranft has requested a hearing before the Financial Services Tribunal about this proposal.

Learn more:

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.

FOR MEDIA INQUIRIES:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected] 

SOURCE Financial Services Regulatory Authority of Ontario