Ontario’s financial services regulator has imposed heavy penalties on a financial advisor and his firm after finding multiple breaches of the province’s Insurance Act.

The Financial Services Regulatory Authority of Ontario (FSRA) announced administrative penalties of $133,500 against Daniel George Gordon and $150,000 against Gordon Wealth Management Limited.

According to FSRA, Gordon used coercion or undue influence to secure insurance business, provided false or misleading information to the regulator, and failed to maintain errors and omissions (E&O) insurance or a suitable financial guarantee. Gordon Wealth Management was also found to have used coercion or undue influence in its business practices.

For the insurance industry, the case underscored FSRA’s emphasis on ethical conduct and proper compliance practices. Maintaining E&O coverage is a longstanding requirement designed to protect consumers and ensure stability in the distribution system. Breaches of this nature, the regulator said, undermine market confidence and harm consumer trust.

The Gordon case comes amid a series of enforcement actions by FSRA this year aimed at strengthening oversight of the province’s insurance intermediaries.

Earlier in 2025, FSRA imposed an administrative penalty of $10,000 and licence conditions on Ishaan Ahuja. The Tribunal found that Ahuja had provided false information on licence applications and was not of good character or reputation, which rendered him unsuitable for unconditional licensing under the Insurance Act. While FSRA initially proposed to refuse his licence outright, the Tribunal directed that a conditional licence be issued to mitigate identified risks.

In another case, FSRA suspended the insurance licence of Donald Newton Mason and levied a $5,000 administrative penalty for failing to provide requested information. Mason did not respond to the regulator’s proposal or request a hearing before the Financial Services Tribunal, which led to the suspension being confirmed.

Together, these enforcement actions reflect FSRA’s heightened scrutiny of insurance licensing and distribution practices in Ontario.