FSRA issues Notice of Proposal against Financial Ties Ltd., Moninder Khudal, Harjot Singh, and Harvinder Gill.
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Financial Ties Ltd., Moninder Khudal, Harjot Singh, and Harvinder Gill.
FSRA alleges that Financial Ties Ltd. failed to take reasonable steps to ensure that investments in a mortgage it presented for the consideration of a lender or investor were suitable for the lender or investor, contrary to subsection 24(1) of Ontario Regulation 188/08. FSRA further alleges that Financial Ties Ltd. failed to maintain complete and accurate records, contrary to subsection 46(1) of Ontario Regulation 188/08.
FSRA alleges that Moninder Khudal, as principal broker, failed to take reasonable steps to ensure that Financial Ties Ltd., and each broker and agent authorized to deal or trade in mortgages on its behalf, complied with every requirement established under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07. FSRA further alleges that Moninder Khudal counselled agents of Financial Ties Ltd. to give or assist in giving false or deceptive information when carrying out the business of dealing in mortgages in Ontario, contrary to subsection 43(2) of the Act.
FSRA alleges that Harjot Singh and Harvinder Gill caused Financial Ties Ltd. to contravene the Act and regulations contrary to section 3 of Ontario Regulation 187/08 and gave investors false or deceptive information or documents when dealing in mortgages, contrary to subsection 43(2) of the Act.
FSRA is proposing to revoke the licence of Financial Ties Ltd. and to impose administrative penalties on Financial Ties Ltd., Moninder Khudal, Harjot Singh and Harvinder Gill.
Financial Ties Ltd. and Moninder Khudal requested a hearing before the Financial Services Tribunal about this proposal.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Russ Courtney
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]