The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Sanjive Kumar (Sam) Joshi by issuing a notice of proposal alleging breaches of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. The proposal seeks to refuse to renew Joshi’s mortgage broker licence and to impose two administrative monetary penalties totalling CAD 50,000. FSRA alleges that Joshi carried on business as a mortgage lender in Ontario without being licensed or exempt, and that he dealt in mortgages for remuneration outside of his brokerage. Joshi has requested a hearing before the Financial Services Tribunal regarding the proposal.
Financial Services Regulatory Authority of Ontario 2026-01-20
Financial Services Regulatory Authority of Ontario proposes to refuse Sanjive Kumar Joshi’s mortgage broker licence renewal and impose CAD 50,000 in penalties
The Financial Services Regulatory Authority of Ontario has initiated enforcement action against Sanjive Kumar (Sam) Joshi, alleging breaches of the Mortgage Brokerages, Lenders and Administrators Act, 2006, and seeks to refuse his licence renewal and impose penalties totaling CAD 50,000. Joshi has requested a hearing before the Financial Services Tribunal.