FSRA issues notice of proposal against Sumit Pal Singh
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Sumit Pal Singh (Singh).
FSRA alleges that Singh dealt in mortgages for remuneration, without acting on behalf of a brokerage, contrary to subsection 2(3) of the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA alleges that Singh also received renumeration from a person other than the brokerage he was authorized by, contrary to subsection 4(1) of Ontario Regulation 187/08.
FSRA further alleges that Singh is not suitable for licensing as his past conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty.
FSRA is proposing to refuse to renew the mortgage agent licence issued to Singh and impose an administrative penalty in the amount of $10,000 against Singh.
Singh requested a hearing before the Financial Services Tribunal about this proposal.
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:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]