The British Columbia Financial Services Authority has fined submortgage broker Alan James Fetterly, who is registered with VERICO Compass Mortgage Group Corporation, CAD 20,000 and ordered him to pay CAD 8,370.38 in investigative costs for failing to make proper disclosures to lenders and borrowers. The action relates to three mortgage applications in 2022 and 2023 in which required disclosure forms were incomplete or delivered too late. Fetterly failed to provide timely Form 10 Conflict of Interest and Disclosure Statements and Form 9 Investor/Lender Information Statements, which are intended to support informed decision-making by the parties. In one application, the Form 10 did not disclose that he was related to one of the co-lenders, and the Form 9 omitted a party's beneficial ownership of the property being financed. In the other two applications, the forms were provided only after the mortgages had already been funded, which Fetterly attributed to administrative oversight. The authority said no borrowers or lenders suffered financial loss as a result of the late or incomplete disclosures. The authority also noted that the Mortgage Services Act will take effect on October 13, 2026 and will introduce new and enhanced disclosure requirements for consumers and lenders.
British Columbia Financial Services Authority2026-07-07
British Columbia Financial Services Authority fines submortgage broker Alan James Fetterly CAD 20,000 for disclosure failures
The British Columbia Financial Services Authority fined submortgage broker Alan James Fetterly CAD 20,000 and imposed CAD 8,370.38 in investigative costs for failing to provide complete and timely disclosures in three mortgage applications. One case omitted a relationship with a co-lender and beneficial ownership information, while two others involved forms delivered only after funding. No borrower or lender suffered financial loss.