Le Lézard
Classified in: Science and technology, Business
Subjects: LAW, CFG

FSRA refuses to renew the licence and imposes administrative penalties against Aid Almusri


TORONTO, March 22, 2024 /CNW/ - Ontario's Financial Services Regulator, FSRA, has refused to renew the mortgage agent licence of Aid Almusri (Almusri) and imposed administrative penalties in the amount of $30,000 against Almusri.

Almusri contravened subsection 43(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 by giving inaccurate information to lenders while arranging three mortgage transactions.

Further, Almusri failed to take reasonable steps to ensure that the three mortgages were suitable for his clients and failed to adequately disclose certain material risks and conflicts of interest relating to the mortgage transactions, contrary to section 3 of Ontario Regulation 187/08.

FSRA issued these Orders as a result of a settlement with Almusri.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

Media inquiries:

Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario


These press releases may also interest you

at 11:00
ROSEN, A LEADING LAW FIRM, Encourages HireRight Holdings Corporation Investors to Secure Counsel in Securities Class Action - HRT
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of HireRight Holdings Corporation pursuant and/or traceable to the registration statement and prospectus (collectively, the "Offering Documents") issued in...

at 10:00
Hard Rock Beach Club Brought the Soundtrack to 2024 FORMULA 1® CRYPTO.COM MIAMI GRAND PRIX Race Weekend with Star-Studded Lineup of Performers Including Steve Aoki, Don Omar, Ed Sheeran, John Summit and More
Hard Rock International brought world-class entertainment to the 2024 FORMULA 1® CRYPTO.COM MIAMI GRAND PRIX for the third year in a row with a lineup of performers who kept the soundtrack of race weekend bumping:...

at 08:00
Gateway Fiber Announces High-Speed Fiber Internet Coming to Plymouth, Shoreview, Lexington, Circle Pines, and Lino Lakes, MN
Gateway Fiber's high-speed 100% fiber internet is branching out to...

at 02:34
Elbit Systems Awarded $37 Million Contract to Supply Iron Fist APS for Upgrading U.S. Army's Bradley IFVs
Elbit Systems Ltd.  ("Elbit Systems" or the "Company") announced today that it was awarded an initial contract of approximately $37 million to supply Iron Fist Active Protection Systems (APS) to General Dynamics Ordnance and Tactical Systems...

4 mai 2024
China-France forum underscores people-to-people, cultural exchanges
A forum on the development of people-to-people and cultural exchanges between China and France was held here on Saturday, in a bid to boost cooperation and mutual learning.     The participants agreed that strengthening cultural exchanges and...

4 mai 2024
Think tank report highlights China's approach to modernization
A report released by Chinese think tanks here on Saturday introduced the process of Chinese modernization and highlighted its global significance. The report, entitled "Chinese Modernization: the Way Forward," was co-authored by researchers from the...

More news about Business...


News published on and distributed by: