FSRA issues notice of proposal against Yashna Singh

TORONTO, April 15, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Yashna Singh (Singh).

FSRA alleges that Singh contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:

1. 1. 1. By receiving renumeration from a person other than the brokerage she was authorized to deal in mortgages by, contrary to subsection 4(1) of Ontario Regulation 187/08.
      2. By giving false or deceptive information and documents when dealing in mortgages, contrary to subsection 43(2) of the Act.
      3. By dealing in mortgages for remuneration without holding a license to do so, contrary to subsection 2(3) of the Act.
      4. By using restricted titles of "Broker" and "Agent" without being licensed as a Mortgage Broker or Mortgage Agent, contrary to subsections 11(4) and 11(5) of the Act.
      5. By operating and advertising an unlicensed mortgage brokerage, contrary to subsection 11(2) of the Act.
      6. By providing false or misleading information to FSRA, contrary to subsection 45(1) of the Act.

FSRA is proposing to issue a compliance order and to impose administrative penalties.

Singh requested a hearing before the Financial Services Tribunal about this proposal.

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

For 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