FSRA imposes an administrative penalty against Sumit Pal Singh and conditions on Sumit Pal Singh's licence

TORONTO, Nov. 25, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty in the amount of $5,000 against Sumit Pal Singh ("Singh") and imposed conditions on the renewal of Singh's mortgage agent licence.

Singh contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the "Act") and its regulations by:

1. Dealing in mortgages for remuneration, without acting on behalf of his brokerage, contrary to section 2(3) of the Act.
2. Receiving remuneration from a person other than his brokerage, contrary to section 4(1) of Ontario Regulation 187/08.

FSRA issued this order as a result of a decision of the Financial Services Tribunal ("Tribunal") dated September 9, 2024.

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