The Financial Services Regulatory Authority of Ontario (FSRA) has imposed two administrative penalties totalling CAD 20,000 on Shan Jamal for contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. The order relates to dealing in mortgages in Ontario for remuneration while not acting on behalf of his mortgage brokerage, contrary to subsection 2(3) of the Act, and receiving fees for dealing or trading in mortgages from a person or entity other than the brokerage on whose behalf he was authorized to deal or trade in mortgages, contrary to subsection 4(1) of Ontario Regulation 187/08. FSRA issued the order after Jamal did not request a hearing before the Financial Services Tribunal or otherwise contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2026-02-25
Financial Services Regulatory Authority of Ontario imposes CAD 20,000 in administrative penalties on Shan Jamal for mortgage dealing and fee breaches
The Financial Services Regulatory Authority of Ontario (FSRA) imposed administrative penalties totaling CAD 20,000 on Shan Jamal for violations of the Mortgage Brokerages, Lenders and Administrators Act, 2006. Jamal dealt in mortgages for remuneration without acting on behalf of his authorized brokerage and received fees from unauthorized entities. The order was issued after Jamal did not contest FSRA’s proposal.