FSRA issues conditions on Ontario agent over unpaid 2018 penalty
The order was issued January 10, 2025.
Part of a broader enforcement wave
The case arrives as FSRA’s enforcement actions surged across all regulated sectors in 2024–25, with the regulator initiating 100 actions, up from 65 the year prior, and imposing approximately $1.2 million in AMPs – the majority in mortgage brokering.
Elissa Sinha, director of litigation and enforcement at FSRA, wrote in the regulator’s first annual enforcement report that “enforcement is critical to FSRA’s mandate to protect consumers, promote high business standards, and deter fraud and misconduct in regulated sectors.”
Established brokers have welcomed the shift. “I’ve seen more cases against bad actors in the last 12 to 18 months than in previous years,” Joe Sammut, broker of record at Mortgage Architects – A Better Way in Ontario, told Canadian Mortgage Professional in a March interview on FSRA’s tougher enforcement stance.
“They seem to be clamping down and cleaning up, and they’re making sure the fines they’re enacting on people are publicized. They’re finally taking seriously the role we play as mortgage professionals in the transaction. It’s frustrating to see the lack of professionalism [from some mortgage agents]. But I think what the latest regulation is doing is making the good ones even better and the bad ones are that much more obvious.”
