FSRA imposes administrative penalties on Real Mortgage Associates Inc. and Rohan (Ron) De Silva Français
TORONTO, Nov. 1, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has issued orders imposing administrative penalties of $17,500 on Real Mortgage Associates Inc. (RMA) and $15,000 on its principal broker, Rohan (Ron) De Silva (De Silva).
RMA contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by not maintaining complete and accurate records of all documents or written information obtained from a borrower contrary to section 46 of Ontario Regulation 188/08.
De Silva contravened the Act by not taking reasonable steps to ensure the brokerage and each broker or agent complies with requirements established under the Act in two instances contrary to section 2 of Ontario Regulation 410/07.
FSRA issued these orders as a result of a settlement with RMA and De Silva.
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
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