The British Columbia Financial Services Authority (BCFSA) has issued a consent order imposing an administrative penalty of CAD 35,000 on HYI Finance Inc. and its director Andrew Yau for operating as unregistered mortgage brokers, and required them to pay CAD 3,500 in investigation costs. BCFSA found the respondents carried on unregistered mortgage brokerage activities by using their own funds to operate a business of lending money secured in whole or in part by mortgages and, between 2015 and 2017, lending money on the security of 10 or more mortgages. The order was made under the Mortgage Brokers Act, which provides for a maximum available penalty of CAD 50,000, and notes the respondents had no prior disciplinary history with BCFSA. Under the consent order signed 20 February 2025, HYI Finance and Yau must cease conducting business as a mortgage broker or submortgage broker in British Columbia until properly registered.
British Columbia Financial Services Authority 2025-03-10
British Columbia Financial Services Authority orders HYI Finance and Andrew Yau to pay CAD 38,500 and stop unregistered mortgage brokerage
The British Columbia Financial Services Authority (BCFSA) issued a consent order imposing a CAD 35,000 penalty on HYI Finance Inc. and its director Andrew Yau for unregistered mortgage brokerage activities. They are also required to pay CAD 3,500 in investigation costs and must cease operations until registered. The order, under the Mortgage Brokers Act, highlights no prior disciplinary history for the respondents.