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

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.

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For media inquiries:

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