The Financial Services Regulatory Authority of Ontario (FSRA) has imposed administrative penalties of CAD 55,000 on Harpinder “Nancy” Deol and CAD 45,000 on 1539339 Ontario Inc., and set conditions on the renewal of Deol’s mortgage agent licence. The action follows a settlement and relates to contraventions of Ontario’s Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. FSRA found that Deol dealt in mortgages for remuneration while not acting on behalf of her brokerage and received remuneration from a person other than her brokerage, while 1539339 Ontario Inc. carried on business as a mortgage lender in Ontario without a licence.
Financial Services Regulatory Authority of Ontario 2025-01-17
Financial Services Regulatory Authority of Ontario penalises Harpinder “Nancy” Deol and 1539339 Ontario Inc. and imposes licence renewal conditions
The Financial Services Regulatory Authority of Ontario imposed administrative penalties of CAD 55,000 on Harpinder “Nancy” Deol and CAD 45,000 on 1539339 Ontario Inc., with conditions on Deol’s mortgage agent licence renewal. The enforcement action follows a settlement for contraventions of Ontario’s Mortgage Brokerages, Lenders and Administrators Act, 2006, including unlicensed mortgage dealings and improper remuneration practices.