Cancellation or suspension of LIT licences

What is a summary adjudication proceeding to cancel or suspend a LIT licence?

A licence may be cancelled or suspended through a summary adjudication proceeding in certain circumstances, as per subsection 13.2(5) of the BIA, where an LIT is found guilty of an indictable offence that would impair the LIT’s capacity to perform their fiduciary duties, fails to comply with conditions or limitations imposed on their licence, ceases to act as an LIT or makes a request to cancel or suspend their licence.

The Superintendent will notify the LIT of the intended licensing decision 10 days before the decision will take effect. Procedures applicable to professional conduct proceedings set out in section 14.02 of the BIA do not apply to summary adjudication proceedings.

The summary adjudication decision is deemed to be a decision of a federal board, commission or tribunal and may be judicially reviewed by the federal court.