The Financial Services Regulatory Authority of Ontario (FSRA) has imposed five administrative penalties totalling CAD 30,000 on Ismail Ayyoub for breaches relating to mortgage suitability and disclosure obligations. FSRA found Ayyoub contravened section 3 of Ontario Regulation 187/08 by failing to take reasonable steps to ensure five mortgages he presented to borrowers were suitable, causing his brokerage to contravene subsection 24(1) of Ontario Regulation 188/08. The regulator also identified failures to disclose material risks and conflicts of interest relating to the mortgages, causing his brokerage to contravene subsections 25(1) and 27(1) of Ontario Regulation 188/08. Ayyoub did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-04-17
Financial Services Regulatory Authority of Ontario imposes CAD 30,000 in administrative penalties on Ismail Ayyoub for mortgage suitability and disclosure breaches
The Financial Services Regulatory Authority of Ontario fined Ismail Ayyoub CAD 30,000 for breaching mortgage suitability and disclosure obligations. Ayyoub failed to ensure the suitability of five mortgages and did not disclose material risks and conflicts of interest, violating Ontario Regulations 187/08 and 188/08. He did not contest FSRA's proposal or request a hearing before the Financial Services Tribunal.