FSRA imposes administrative penalties against Harpinder "Nancy" Deol and 1539339 Ontario Inc., and conditions on Harpinder "Nancy" Deol's Licence

TORONTO, Jan. 15, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed administrative penalties in the amount of $55,000 against Harpinder "Nancy" Deol (Deol) and in the amount of $45,000 against 1539339 Ontario Inc. FSRA has further imposed conditions on the renewal of Deol's mortgage agent licence.

Deol contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the "Act"), and its regulations as follows:

1. By dealing in mortgages for remuneration while not acting on behalf of her brokerage, contrary to section 2(3) of the Act; and
2. By receiving remuneration from a person other than her brokerage, contrary to section 4(1) of Ontario Regulation 187/08.

1539339 Ontario Inc. contravened the Act by carrying on business as a mortgage lender in Ontario without a license, contrary to section 4(2) of the Act.

FSRA issued these orders as a result of a settlement with Deol and 1539339 Ontario Inc.

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