FSRA takes enforcement action against Paramjeet Kaur

EmitenTrust.com TORONTO, Oct. 15, 2026 /CNW/ -- The Financial Services Regulatory Authority of Ontario (FSRA) has issued an Order to impose an administrative penalty in the amount of $40,000 on Paramjeet Kaur (Kaur).

Kaur contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (Act), and its regulations as follows:

• By acting in circumstances where she ought to know that by acting, doing the thing, or omitting to do the thing, she was being used by a borrower, lender, investor or any other person to facilitate dishonesty, fraud, crime or illegal conduct, contrary to section 3.1 of Ontario Regulation 187/08;
• By giving false or deceptive information or document when dealing in mortgages in Ontario or trading in mortgages in Ontario, contrary to Subsection 43(2) of the Act;
• By failing to take reasonable steps to ensure that mortgages she presented to borrowers were suitable for them, causing her authorizing brokerage to contravene subsection 24(1) of Ontario Regulation 188/08, contrary to section 3 of Ontario Regulation 187/08;
• By failing to verify the identity of borrowers, causing her authorizing brokerage to contravene subsection 10(1) of Ontario Regulation 188/08, contrary to section 3 of Ontario Regulation 187/08;
• By failing to maintain records, causing her authorizing brokerage to contravene subsection 46(1) of Ontario Regulation 188/08, contrary to section 3 of Ontario Regulation 187/08; and
• By giving false or misleading information to the Chief Executive Officer or a person designated by the Chief Executive Officer in respect of any matter related to the Act or the regulations, contrary to section 45(1) of the Act.

FSRA issued this Order as a result of a settlement with Kaur.

Learn more:

Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. 

For media inquiries:

Nicole Sherwin 
Senior Media Relations Officer 
Financial Services Regulatory Authority of Ontario 
C: 437-551-5633 
Email: nicole.sherwin@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario