FSRA revokes licence of Monarch Mortgage Group Inc. and refuses to issue a licence to Victor Peca

TORONTO, Feb. 18, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has issued an Order revoking the mortgage brokerage licence issued to Monarch Mortgage Group Inc. ("Monarch") and an Order refusing to issue the mortgage broker licence to Victor Peca ("Peca") under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the "Act") and its regulations.

Monarch's former principal broker, Peca, provided false or misleading information with respect to his application for a mortgage broker licence, failed to provide required information to FSRA, and failed to take reasonable steps to ensure Monarch's compliance by maintaining errors and omissions insurance and by making required filings.

Peca is not suitable to hold a licence as a mortgage broker because his past conduct affords reasonable grounds for belief, he will not conduct mortgage brokering in accordance with the Act, its regulations, and with integrity and honesty. Peca's conduct also provides reasonable grounds to believe that Monarch is no longer suitable to be licensed.

Monarch and Peca did not request a hearing or contest FSRA's proposal.

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