The Financial Services Commission of Ontario (FSCO) has new powers to levy Administrative Monetary Penalties, or AMPs, for contraventions of legislation or regulations that occur on or after January 1, 2013.
An AMP is a financial penalty imposed by a regulator instead of a court. They aim to encourage regulatory compliance and prevent financial benefit from violations. FSCO has successfully used AMPs in the regulation of the mortgage brokering and credit union sectors.
In the 2012 Ontario Budget, the government announced that it would implement AMPs in the insurance sector.
SmallbizAdvisor –Â March 20, 2013.