TORONTO, May 1, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Arman Raymond Iskin (Iskin) to impose administrative penalties in the amount of $15,000 and against Streamline Mortgages Ltd (Streamline Mortgages) in the amount of $10,000.
FSRA alleges that Iskin contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations (Act) by omitting to take reasonable steps that might reasonably be expected to result in Streamline Mortgages contravening or failing to comply with a requirement established under the Act, contrary to section 3 of Ontario Regulation 187/08.
FSRA alleges that Streamline Mortgages contravened the Act and its regulations:
- by failing to take reasonable steps to verify the identity of a borrower, contrary to subsection 11(2) of Ontario Regulation 188/08; and
- by failing to disclose material risks of a mortgage to a lender contrary to subsection 25(1) of Ontario Regulation 188/08.
Iskin and Streamline Mortgages 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 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
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