TORONTO, April 29,
2024 /CNW/ - Ontario's financial services regulator, FSRA,
has initiated enforcement action against Shah Ata Hussain Faridi ("Faridi").
FSRA alleges that Faridi is not suitable for
licensing having regard to the circumstances prescribed under
the Mortgage Brokerages, Lenders and Administrators
Act, 2006, S.O. 2006, c.29, as amended (the Act), and its
regulations, and that Faridi's past conduct affords reasonable
grounds for belief that he will not deal or trade in mortgages in
accordance with the law and with integrity and honesty.
FSRA is proposing to revoke Faridi's mortgage agent level 1
licence and to refuse to issue a mortgage agent level 2
licence.
Faridi has requested a hearing before the Financial Services
Tribunal about this proposal.
Learn more:
Access our enforcement database to see how FSRA is
working to protect consumers through its monitoring and enforcement
activities.
For media inquiries:
Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: ashley.legassic@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario