FSRA takes enforcement action against Shan Jamal

The Financial Services Regulatory Authority of Ontario, FSRA, has imposed two (2) administrative penalties in the total amount of $20,000 against Shan Jamal (Jamal).

Jamal contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the Act) and its regulations as follows:

• by dealing in mortgages in Ontario for renumeration while not acting on behalf of his mortgage brokerage, contrary to subsection 2(3) of the Act; and
• by receiving fees for dealing or trading in mortgages from a person or entity other than the brokerage on whose behalf he was authorized to deal or trade in mortgages, contrary to subsection 4(1) of Ontario Regulation 187/08.

FSRA issued this order as Jamal did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.

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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]