FSRA issues notice of proposal to revoke a licence and refuse a licence against Shah Ata Hussain Faridi
TORONTO, April 29, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Shah Ata Hussain Faridi ("Faridi").
FSRA alleges that Faridi is not suitable for licensing having regard to the circumstances prescribed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the Act), and its regulations, and that Faridi's past conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
FSRA is proposing to revoke Faridi's mortgage agent level 1 licence and to refuse to issue a mortgage agent level 2 licence.
Faridi has requested a hearing before the Financial Services Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
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