The Financial Services Regulatory Authority of Ontario (FSRA) has taken disciplinary action against a GTA-based agent, Jasneet Singh Bajwa, due to repeated instances of misconduct, including false statements and product suitability issues. FSRA refused to renew Bajwa’s insurance license and imposed stringent conditions on any future mortgage agent license.
The investigation revealed a high volume of business with discrepancies, including invalid driver’s licenses and false information on insurance applications. Bajwa’s relationships with iA, WFG, and ivari were terminated, resulting in chargebacks of approximately $70,217.35. The regulator also found gaps in his E&O insurance coverage and false statements on renewal forms.
Any future mortgage agent license will require strict oversight, including principal broker review of all mortgages and quarterly compliance statements to FSRA. Bajwa is also barred from applying for a mortgage broker license for two years. This action underscores FSRA’s commitment to protecting consumers and ensuring ethical conduct within the GTA’s financial services sector. Read the full story on mpamag.com to learn more about this case and its implications for the industry.
Read the original story here: https://www.mpamag.com/ca/mortgage-industry/industry-trends/fsra-clamps-down-on-ontario-agent-after-false-filings-and-misconduct/560677
