FSRA imposes administrative penalties on Ismail Ayyoub

Ontario's financial services regulator, FSRA, has imposed five (5) administrative penalties in the total amount of $30,000 on Ismail Ayyoub (Ayyoub).

Ayyoub contravened section 3 of Ontario Regulation 187/08 by:

1. Failing to take reasonable steps to ensure that 5 mortgages he presented to borrowers were suitable for them causing his brokerage to contravene subsection 24(1) Ontario Regulation 188/08;
2. Failing to disclose material risks relating to the mortgages causing his brokerage to contravene subsection 25(1) of Ontario Regulation 188/08; and
3. Failing to disclose conflicts of interest relating to the mortgages causing his brokerage to contravene subsection 27(1) of Ontario Regulation 188/08.

Ayyoub did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.

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
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]