Bulletins

The FST held a 30-day public consultation commencing on February 27, 2023 concerning the following:

• revision of the Rules of Practice and Procedure for Proceedings before the Financial Services Tribunal to expressly address frivolous, vexatious or bad faith motions under Rule 14 in a manner similar to the provisions of Rule 33 dealing with frivolous, vexatious or bad faith proceedings. Related revisions were proposed for Rule 33, Rule 41 and Rule 43;
• revision of the FST's Rules and Electronic Hearing Practice Direction to further relax the FST's approach to COVID-19-related in-person hearing protocols; and
• suspension of the FST’s Discretionary In-Person Hearing Practice Direction During COVID-19

Industry stakeholders were encouraged to participate in this consultation. The FST received a number of submissions which were considered in conjunction with the adoption by the FST of the final revisions to the Rules and Practice Directions effective July 1, 2023.

The FST believes that these changes are responsive to the need for added flexibility in our process and will provide hearing panels with the discretionary authority to deal with motions in the same way as proceedings in general. The changes will also enable the FST to determine the appropriate hearing format based on established guidelines and consultation with the parties, having regard to the unique circumstances of each case.

The revised Rules include certain additional consequential and other housekeeping amendments.

Read the full revised Rules and revised Electronic Hearings Practice Direction.

A new practice direction, effective May 29, 2023, will provide direction with respect to notices of appeals received by the FST in relation to summary administrative penalties issued by the Financial Services Regulatory Authority.

Read the full Financial Services Tribunal Summary Administrative Penalty Appeals Practice Direction.