British Columbia Financial Services Authority cancels mortgage broker registration and imposes maximum CAD 50000 penalty for falsified income submissions

The British Columbia Financial Services Authority published a consent order against B.C. mortgage broker Amandeep Duggal after he admitted submitting mortgage applications to lenders with falsified income information and failing to exercise reasonable due diligence when verifying borrowers' financial documents. The order cancels his mortgage broker registration and requires him to pay a CAD 50,000 administrative penalty and CAD 30,000 in investigative costs. BCFSA's review found Duggal submitted falsified documents to lenders on eight mortgage applications even though borrowers had provided accurate income supporting documents to the brokerage. Duggal admitted he ought to have known the income information sent to lenders was inflated relative to borrowers' actual income. He also received more than CAD 56,000 in commissions on those applications. The CAD 50,000 administrative penalty is the maximum allowed under the Mortgage Brokers Act. In the same release, BCFSA pointed to the new Mortgage Services Act, which comes into force on Oct. 13, 2026. The new framework will introduce stronger requirements for mortgage brokers in British Columbia, including enhanced expectations for verifying borrower information and maintaining accurate documentation, and will give BCFSA broader powers to impose penalties that remove profits gained through misconduct.