FSRA takes enforcement action against Michael Lampel and IFC Financial Inc. o/a Insurance for Children

TORONTO, Feb. 3, 2026 /CNW/ - The Financial Services Regulatory Authority of Ontario, FSRA has refused to renew the life insurance and accident and sickness insurance licence of Michael Lampel (Lampel) and the corporate agent licence of IFC Financial Inc. o/a Insurance for Children (IFC) and has imposed three administrative penalties in the total amount of $55,000 against Lampel.

"We will act decisively when individuals or businesses seek to mislead consumers or the regulator," said Elissa Sinha, Director of Enforcement at FSRA. "Falsifying information compromises consumer protection and undermines trust in the industry. FSRA takes such misconduct very seriously."

FSRA issued a Notice of Proposal to Refuse to Renew Licences and Impose Administrative Penalties on December 21, 2023, after receiving an Insurer's report of misconduct. Lampel and IFC requested a hearing on January 18, 2024, before the Financial Services Tribunal (Tribunal).

Following a contested hearing, the Tribunal found that Lampel and IFC are not suitable to be licensed under the Insurance Act, R.S.O. 1990, c. I.8 (the Act) as they engaged in serious misconduct, including submitting false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 and providing false information to FSRA, contrary to section 447(2)(a) of the Act.

The Tribunal concluded that this conduct demonstrated a pattern of dishonesty, compromised consumer protection, and undermined confidence in the insurance sector.

The Tribunal also determined that administrative penalties were appropriate because Lampel's actions were intentional, repeated, and directly undermined the consumer protection purpose of the Act.

FSRA issued these orders as a result of a decision of the Tribunal in Michael Lampel v Ontario (CEO of FSRA), 2026 ONFST 1.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario