What consequence may brokers face for non-compliance with RIBO standards?

Brokers who fail to comply with RIBO (Registered Insurance Brokers of Ontario) standards can face potential legal action and penalties. RIBO is the regulatory body that governs insurance brokers in Ontario, and adherence to its standards is essential to ensure ethical practices and consumer protection. Non-compliance can lead to a variety of consequences including fines, reprimands, or even the suspension or revocation of a broker's license. Legal action may arise if a broker's non-compliance results in harm to clients or breaches legal obligations. Thus, maintaining compliance is not only crucial for the broker's professional conduct but also serves to protect clients and uphold the integrity of the insurance industry.