TORONTO, Oct. 4, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement actions against Harpinder "Nancy" Deol ("Deol") and 1539339 Ontario Inc.
FSRA is proposing to impose two (2) administrative penalties in the total amount of $60,000 on Deol and one (1) administrative penalty in the amount of $50,000 on 1539339 Ontario Inc.
FSRA alleges that Deol contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the "Act"), and its regulations as follows:
- By dealing in mortgages for remuneration while not acting on behalf of her brokerage, contrary to section 2(3) of the Act; and
- By receiving remuneration from a person other than her brokerage, contrary to section 4(1) of Ontario Regulation 187/08.
FSRA further alleges that 1539339 Ontario Inc. contravened the Act by carrying on business as a mortgage lender in Ontario without being licensed, contrary to section 4(2) of the Act.
FSRA is proposing to refuse to issue a mortgage agent licence to Deol. FSRA alleges that Deol is not suitable for licensing as her past conduct affords reasonable grounds for belief that she will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
Deol and 1539339 Ontario Inc. have requested a hearing before the Financial Services Tribunal about these proposals.
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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