FSRA issues notice of proposal against Murteza Mohamedali

The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Murteza Mohamedali (Mohamedali). FSRA is proposing to revoke the licence and impose administrative penalties in the total amount of $50,000 on Mohamedali.

FSRA alleges that Mohamedali is no longer suitable to hold an insurance agent licence. Additionally, FSRA alleges that Mohamedali contravened the Insurance Act and its regulations by:

• indirectly making an agreement with a person applying for life insurance as to the premium to be paid for a policy that is different from the premium set out in the policy contrary to section 2(1) of Ontario Regulation 7/00
• making false or misleading representations in the solicitation or registration of insurance contrary to subsection 17(c) of Ontario Regulation 347/04

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

Learn more:

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.

For media inquiries:

Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]