The Financial Services Regulatory Authority of Ontario (FSRA) has revoked the mortgage brokerage licence of Mortgage Smart Inc. and imposed administrative penalties totalling CAD 50,000 against Ranjit Dhillon (CAD 40,000) and Kamal Dhillon (CAD 10,000). FSRA found Mortgage Smart no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and related regulations, citing failures to ensure mortgage suitability for six mortgages, inadequate written disclosure of material risks and conflicts for six mortgages, false or misleading information in applications for five mortgages, false information provided to FSRA, failure to address complaints from four borrowers, and failure to retain required mortgage records. Ranjit Dhillon was penalised for failing to take reasonable steps to ensure suitability and disclose risks and conflicts for three mortgages, and for submitting two mortgage application forms with inaccurate information. Kamal Dhillon, as principal broker, was penalised for failing to ensure agent compliance and for failing to review and ensure adequate policies and procedures on record retention and conflicts of interest. The orders were issued following settlements with Mortgage Smart, Ranjit Dhillon, and Kamal Dhillon.
Financial Services Regulatory Authority of Ontario 2025-04-09
Financial Services Regulatory Authority of Ontario revokes Mortgage Smart’s brokerage licence and fines Ranjit Dhillon and Kamal Dhillon CAD 50000
The Financial Services Regulatory Authority of Ontario has revoked Mortgage Smart Inc.'s mortgage brokerage licence and imposed penalties totaling CAD 50,000 on Ranjit Dhillon and Kamal Dhillon. Mortgage Smart was found unsuitable for licensing due to failures in ensuring mortgage suitability, inadequate risk disclosure, and providing false information. The penalties followed settlements with the involved parties.