TORONTO, June 23, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty in the amount of $25,000 on Murteza Mohamedali (Mohamedali) and conditions on Mohamedali's life insurance and accident & sickness insurance agent licence.
The Financial Services Tribunal found that Mohamedali contravened section 17(c) of Ontario Regulation 347/04 by repeatedly representing on life insurance applications to the insurer that the funds for the premiums came directly from his clients, which was false and misleading.
FSRA issued this order as a result of a decision of the Financial Services Tribunal in Mohamedali v. Ontario (CEO of FSRA), 2025 ONFST 4.
Learn more:
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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