The Financial Services Regulatory Authority of Ontario (FSRA) has issued an order revoking Shah Ata Hussain Faridi’s Mortgage Agent Level 1 licence and refusing to issue him a Mortgage Agent Level 2 licence, concluding he is not suitable to be licensed. FSRA found Faridi made false statements or provided false information in connection with his mortgage agent licence application and that his past conduct gives reasonable grounds to believe he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. The action is grounded in section 10(1)–(3) of Ontario Regulation 409/07 under the Mortgage Brokerages, Lenders and Administrators Act, 2006, and follows a Financial Services Tribunal decision dated December 9, 2024 directing FSRA’s Chief Executive Officer to carry out the Notice of Proposal to revoke and refuse the licences.
Financial Services Regulatory Authority of Ontario 2025-02-18
Financial Services Regulatory Authority of Ontario revokes Shah Ata Hussain Faridi’s Mortgage Agent Level 1 licence and refuses Mortgage Agent Level 2 licence for false application information
The Financial Services Regulatory Authority of Ontario has revoked Shah Ata Hussain Faridi’s Mortgage Agent Level 1 licence and refused to issue a Level 2 licence, citing unsuitability. FSRA determined Faridi made false statements in his application and his conduct suggests he would not comply with legal and ethical standards. This decision follows a Financial Services Tribunal directive under Ontario Regulation 409/07.