What is a possible consequence for brokers who fail to follow the RIBO Act?

When brokers fail to follow the RIBO Act, one of the severe consequences they face is the potential revocation of their license. The RIBO Act governs the conduct and practices of insurance brokers in Ontario, ensuring they adhere to ethical standards and regulatory requirements. Non-compliance with these regulations can lead to serious ramifications, including being stripped of the authority to operate legally within the industry. Losing their license directly impacts their ability to practice as brokers, which can have long-lasting effects on their career and professional reputation.

The other options offer positive outcomes which would not be associated with failing to adhere to regulatory standards. Recognition as top performers, bonuses in commissions, and increased client trust are all rewards that come from compliance with the RIBO Act, building a reputation for professionalism and integrity, rather than from failing to follow the rules.