If the Statement of Allegations (Form 3) contains allegations which a respondent agrees are true, the respondent can seek to settle with the Financial and Consumer Services Commission. By reaching a settlement, a respondent may receive a lesser penalty and will avoid the costs and inconvenience of a full hearing. Settlement discussions can occur at any time.
Once a Settlement Agreement is signed, the lawyer for the Commission will file a Notice of Application for Approval of a Settlement (Form 13) and request a date for a settlement hearing before the Tribunal. A settlement has no effect unless and until it is approved by the Tribunal.
At the settlement hearing, the Tribunal panel will consider whether to approve or to reject the Settlement Agreement. If the Tribunal panel approves the settlement, its Order and the Settlement Agreement are made public and posted to the Tribunal's website.
If the Tribunal panel does not approve the settlement, the Settlement Agreement remains confidential and the matter will typically continue to a full hearing where each party presents evidence and brings witnesses. In addition, the members of the settlement panel cannot be part of a subsequent hearing in the matter, except with the prior consent of the parties to the Settlement Agreement.
Please consult Part 11 of the Rules of Procedure for more details.