TORONTO, Feb. 22, 2024 /CNW/ – Ontario’s financial services regulator, FSRA, has imposed administrative penalties in the amount of $9,000 against 1813404 Ontario Corp. o/a CSI Mortgages (CSI Mortgages) and $4,000 against Hansel Patrick (Patrick).
CSI Mortgages contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations by:
failing to maintain proper E&O insurance coverage contrary to section 42 of Ontario Regulation 188/08;failing to immediately notify FSRA of its E&O insurance cancellation contrary to section 13 of Ontario Regulation 193/08; andproviding false statements to the Chief Executive Officer on two separate occasions contrary to section 45 of the Act.
Patrick, as principal broker of CSI Mortgages, contravened the Act by:
failing to ensure that CSI Mortgages maintained proper E&O insurance coverage contrary to section 2(1) of Ontario Regulation 410/07; andproviding false statements to FSRA on two separate occasions contrary to section 45 of the Act.
FSRA issued these Orders as a result of settlements with CSI Mortgages and Patrick.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Russ Courtney
Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario
