FSRA revokes a licence and refuses to issue a licence to Shah Ata Hussain Faridi

TORONTO, Feb. 18, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has revoked the Mortgage Agent Level 1 licence and refused to issue the Mortgage Agent Level 2 licence to Shah Ata Hussain Faridi ("Faridi").

Faridi is no longer suitable to be licensed as a Mortgage Agent Level 1 and not suitable to be licensed as a Mortgage Agent Level 2 because he made false statements or provided false information with respect to his application for a mortgage agent licence. Faridi's past conduct does afford reasonable grounds for the belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. This constitutes grounds to revoke and refuse the licence under subsections under subsections (1), (2), and (3) of section 10 of Ontario Regulation 409/07 under the Mortgage Brokerages, Lenders and Administrators Act, 2006 S.O. 2006, c.29, as amended.

FSRA issued this Order as a result of a decision of the Financial Services Tribunal ("Tribunal") dated December 9, 2024, where the Tribunal directed the Chief Executive Officer to carry out the Notice of Proposal to revoke a licence and refuse a licence to Faridi.

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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