FSRA issues notice of proposal against Preeti Amin, Raaj Vikash (Roger) Kalwaney, and Canada Mortgage Group Inc.
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Preeti Amin (Amin), Raaj Vikash (Roger) Kalwaney (Kalwaney), and Canada Mortgage Group Inc. also operating as Dominion Lending Centres Canada Mortgage Group (Canada Mortgage Group).
FSRA alleges that Canada Mortgage Group contravened Ontario Regulation 188/08 made under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) by:
- failing to take reasonable steps to ensure that mortgages arranged for the borrowers were suitable for them, contrary to subsection 24(1) of Ontario Regulation 188/08;
- failing to disclose in writing to the borrowers all the material risks, contrary to subsection 25(1) of Ontario Regulation 188/08; and
- failing to disclose conflicts of interest, contrary to subsection 27(1) of Ontario Regulation 188/08.
FSRA further alleges that Amin, on several occasions, contravened Section 3 of Ontario Regulation 187/08 by causing Canada Mortgage Group to contravene the above listed provisions of Ontario Regulation 188/08.
FSRA alleges that Kalwaney, the principal broker of Canada Mortgage Group, failed to take reasonable steps to ensure that the Canada Mortgage Group and Amin complied with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07.
FSRA is proposing to impose administrative penalties against Amin in the amount of $45,000, against Kalwaney in the amount of $10,000 and against Canada Mortgage Group in the amount of $45,000.
Amin, Kalwaney and Canada Mortgage Group have 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 (FSRA)
T: 437-225-8551
E: [email protected]