FSRA issues Notice of Proposal against 1813404 Ontario Corp. o/a CSI Mortgages and Hansel Patrick

TORONTO, July 27, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against 1813404 Ontario Corp. o/a CSI Mortgages (CSI Mortgages) and its principal broker, Hansel Patrick (Patrick).

FSRA alleges that CSI Mortgages contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by

1. failing to maintain proper E&O insurance coverage contrary to section 42 of Ontario Regulation 188/08;
2. failing to immediately notify FSRA of its E&O insurance cancellation contrary to section 13 of Ontario Regulation 193/08; and
3. providing false statements to the Chief Executive Officer on two separate occasions contrary to section 45 of the Act.

FSRA also alleges that Patrick, as principal broker of CSI Mortgages, contravened the Act by

1. failing to ensure that CSI Mortgages maintained proper E&O insurance coverage contrary to section 2(1) of Ontario Regulation 410/07; and
2. providing false statements to FSRA on two separate occasions contrary to section 45 of the Act.

FSRA is proposing to revoke CSI Mortgages' mortgage brokerage licence and Patrick's mortgage broker licence.  FSRA is also proposing to impose administrative penalties against CSI Mortgages in amount of $10,000 and against Patrick in the amount of $4,000.

CSI Mortgages and Patrick requested a hearing before the Financial Services Tribunal about this proposal.

Learn more:

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.

FOR MEDIA INQUIRIES:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario