TORONTO, July 17, 2023 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Manpreet Ghai (Ghai).
FSRA alleges that Ghai contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) by giving false or deceptive information and documents when dealing in mortgages in Ontario contrary to subsection 43(2) of the Act and by giving false or deceptive information to FSRA contrary to subsection 45(1) of the Act.
FSRA is proposing to refuse to renew the mortgage agent licence issued to Ghai and impose administrative penalties in the total amount of $52,000 on Ghai.
Ghai requested a hearing before the Financial Services Tribunal about this proposal.
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:
Alex Kvaskov
Communications Officer
Financial Services Regulatory Authority
C: 437-522-9151
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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