The Financial Services Regulatory Authority of Ontario (FSRA) has refused to renew the mortgage brokerage licence of Sergiy Shchavyelyev, finding that he is no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA cited contraventions of the Act and regulations, including conduct giving reasonable grounds to believe he would not deal or trade in mortgages in accordance with the law and with integrity and honesty, false statements or false information in the licence application, and failure to notify FSRA of a lapse in E&O coverage for the brokerage and administrator. The decision also references failures to meet principal broker requirements and to ensure the brokerage complied with E&O and Annual Information Return requirements. Shchavyelyev did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2026-02-06
Financial Services Regulatory Authority of Ontario refuses to renew Sergiy Shchavyelyev’s mortgage brokerage licence
The Financial Services Regulatory Authority of Ontario has denied the renewal of Sergiy Shchavyelyev's mortgage brokerage licence due to violations of the Mortgage Brokerages, Lenders and Administrators Act, 2006, including false statements and failure to maintain required coverage. Shchavyelyev did not challenge the decision or request a hearing.