The Financial Services Regulatory Authority of Ontario issued an order revoking Monarch Mortgage Group Inc.’s mortgage brokerage licence and an order refusing to issue a mortgage broker licence to Victor Peca under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. FSRA found that Peca, Monarch’s former principal broker, provided false or misleading information in his mortgage broker licence application, failed to provide required information to FSRA, and failed to take reasonable steps to ensure Monarch’s compliance, including maintaining errors and omissions insurance and making required filings. Based on Peca’s past conduct, FSRA concluded he is not suitable to be licensed and that Monarch is no longer suitable to hold a brokerage licence. Monarch and Peca did not request a hearing or contest FSRA’s proposal.
Financial Services Regulatory Authority of Ontario 2025-02-19
Financial Services Regulatory Authority of Ontario revokes Monarch Mortgage Group’s mortgage brokerage licence and denies Victor Peca a mortgage broker licence
The Financial Services Regulatory Authority of Ontario revoked Monarch Mortgage Group Inc.'s brokerage licence and denied Victor Peca a broker licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006. FSRA found Peca provided false information, failed to comply with regulatory requirements, and did not ensure Monarch's compliance. Monarch and Peca did not contest the decision.