Fewer Code of Conduct complaints against Ontario brokers in 2009-10: RIBO

Registered Insurance Brokers of Ontario (RIBO), the self-regulating body for Ontario’s brokers, opened 12 fewer complaint files related to Code of Conduct issues in 2009-10, according to latest annual report.
This accounted for the main difference in the total number of files opened in 2009-10 and the previous year of 2008-09. In total, the regulator opened 96 new complaint files against brokers in 2009-10, down from 113 in 2008-09.  
The regulator opened only 48 complaint files related to Code of Conduct issues in 2009-10, down from 60 in 2008-09.
Complaints related to trust funds were roughly the same in 2008-09 (39) as in 2009-10 (37).
Spot checks are frequently conducted to identify any potential finance-related issues.
RIBO reported conducting 408 spot checks in 2009-10, of which only 10 resulted in any kind of formal proceeding. The previous year, RIBO conducted 306 spot checks, with eight resulting in formal proceedings.
RIBO attributed the additional spot checks in 2009-10 to the addition of another financial investigator to its Complaints and Investigations Department.
Seven brokers had their certificate of registration revoked in 2009-10, up from four in 2008-09 and six in 2007-08.