The Financial Services Regulatory Authority of Ontario (FSRA) has imposed an administrative penalty of CAD 15,000 and issued a compliance order requiring Razer Capital Corporation to cease and desist administering mortgages in Ontario. FSRA found that Razer Capital contravened section 5(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 by carrying on the business of administering mortgages without a licence. Razer Capital did not request a hearing before the Financial Services Tribunal or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-05-15
Financial Services Regulatory Authority of Ontario fines Razer Capital CAD 15,000 and orders it to stop administering mortgages in Ontario
The Financial Services Regulatory Authority of Ontario imposed a CAD 15,000 penalty and issued a compliance order against Razer Capital Corporation for administering mortgages without a licence. Razer Capital violated section 5(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006. The company did not contest FSRA's proposal or request a hearing.