FST Confirms $46,500 in AMPs for Late AIR and Financial Statements
July 30, 2026
The Financial Services Tribunal (the “FST”) has upheld the Financial Services Regulatory Authority of Ontario's (“FSRA’s”) order requiring Raven Steel Fabrications Inc. to pay $46,500 in administrative monetary penalties (“AMPs”) after filing its 2024 Annual Information Return and financial statements 215 days late.
Raven Steel had a documented history of late filings between 2020 and 2023 and, although FSRA did not impose penalties for those late filings, it warned Ravel Steel that future non-compliance could result in significant AMPs. FSRA made repeated efforts to bring the 2024 filings into compliance, including contacting Ravel Steel nine separate times and providing notice of the proposed AMPs, but received no response before issuing the order imposing the AMPs.
On appeal, Raven Steel did not dispute that the 2024 Annual Information Return and financial statements were filed late but contended that there was no harm to members and that the penalty was disproportionate given the plan’s small size - five members, $2,600 in annual employer contributions, and approximately $260,000 in assets. Raven Steel submitted that the late filings resulted from internal communication failures and administrative oversight, rather than deliberate or wilful disregard of FSRA’s communications.
FSRA maintained that it had no discretion over the amount of the summary AMPs, which were prescribed by regulation at $100 per day for the late Annual Information Return and $200 per day for the late financial statements, subject to a $25,000 maximum per contravention.
Although the FST acknowledged that the AMPs were significant relative to the size of the plan, it found they were properly calculated under the prescribed statutory framework. The FST also noted that AMPs serve several purposes under the Pension Benefits Act (Ontario), including promoting compliance and deterring future non-compliance. It therefore confirmed FSRA’s order and required Raven Steel to pay AMPs totalling $46,500.
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