FSRA revokes the licences of First Swiss Mortgage Corp.
The Financial Services Regulatory Authority of Ontario has revoked the mortgage brokerage licence and the mortgage administrator licence issued to First Swiss Mortgage Corp. (First Swiss).
First Swiss is no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act). This is due to the bankruptcy and financial position of First Swiss, contraventions of requirements under the Act, and provision of false or deceptive information to FSRA and lenders.
FSRA issued a Notice of Proposal to revoke First Swiss’ mortgage brokerage and administrator licences and issued an interim order suspending the licences effective March 22, 2023.
First Swiss did not request a hearing or contest FSRA’s 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]