TORONTO, April 17, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed five (5) administrative penalties in the total amount of $30,000 on Ismail Ayyoub (Ayyoub).
Ayyoub contravened section 3 of Ontario Regulation 187/08 by:
a. Failing to take reasonable steps to ensure that 5 mortgages he presented to borrowers were suitable for them causing his brokerage to contravene subsection 24(1) Ontario Regulation 188/08;
b. Failing to disclose material risks relating to the mortgages causing his brokerage to contravene subsection 25(1) of Ontario Regulation 188/08; and
c. Failing to disclose conflicts of interest relating to the mortgages causing his brokerage to contravene subsection 27(1) of Ontario Regulation 188/08.
Ayyoub did not request a hearing before the Financial Services Tribunal or contest FSRA's 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:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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