FSRA imposes administrative penalties against 1813404 Ontario Corp. o/a CSI Mortgages and Hansel Patrick
TORONTO, Feb. 22, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has imposed administrative penalties in the amount of $9,000 against 1813404 Ontario Corp. o/a CSI Mortgages (CSI Mortgages) and $4,000 against Hansel Patrick (Patrick).
CSI Mortgages contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by:
failing to maintain proper E&O insurance coverage contrary to section 42 of Ontario Regulation 188/08;
failing to immediately notify FSRA of its E&O insurance cancellation contrary to section 13 of Ontario Regulation 193/08; and
providing false statements to the Chief Executive Officer on two separate occasions contrary to section 45 of the Act.
Patrick, as principal broker of CSI Mortgages, contravened the Act by:
failing to ensure that CSI Mortgages maintained proper E&O insurance coverage contrary to section 2(1) of Ontario Regulation 410/07; and
providing false statements to FSRA on two separate occasions contrary to section 45 of the Act.
FSRA issued these Orders as a result of settlements with CSI Mortgages and Patrick.
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 Sr. Manager, Media Relations Financial Services Regulatory Authority C: 437-225-8551 Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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