FSRA revokes the licence of Financial Ties Ltd. and imposes administrative penalties against Financial Ties Ltd. and Moninder Khudal
The Financial Services Regulatory Authority of Ontario (FSRA) issued an order revoking the mortgage brokerage licence of Financial Ties Ltd. and imposing administrative penalties in the total amount of $15,000 against Financial Ties Ltd. FSRA also issued an order imposing administrative penalties in the total amount of $10,000 against Moninder Khudal.
Financial Ties Ltd. failed to take reasonable steps to ensure that investments in a mortgage it presented for the consideration of a lender or investor were suitable for the lender or investor, contrary to subsection 24(1) of Ontario Regulation 188/08. Financial Ties Ltd. also failed to maintain complete and accurate records, contrary to subsection 46(1) of Ontario Regulation 188/08.
Moninder Khudal, as principal broker of Financial Ties Ltd., failed to take reasonable steps to ensure that Financial Ties Ltd., and each broker and agent authorized to deal or trade in mortgages on its behalf, complied with every requirement established under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07. Moninder Khudal also assisted agents of Financial Ties Ltd. in giving false or deceptive information when carrying out the business of dealing in mortgages in Ontario, contrary to subsection 43(2) of the Act.
FSRA issued these orders as a result of a settlement with Moninder Khudal.
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]