TORONTO, Oct. 15, 2026 /CNW/ -- The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Renkai Lin (Lin) and ZK Financial Inc. (ZK Financial).
FSRA alleges that Lin is unsuitable to be licensed, and contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the Act) and its regulations as follows:
- by giving false or misleading information on a licence application and the Annual Information Returns, contrary to subsection 45(1) of the Act;
- by dealing in mortgages without holding a licence to do so, contrary to subsection 2(2) of the Act;
- by dealing in mortgages for remuneration without holding a licence to do so or through an exemption, contrary to subsection 2(3) of the Act;
- by doing anything that might reasonably be expected to result in the brokerage contravening or failing to comply with the requirements established under the Act, contrary to section 3 of Ontario Regulation (O. Reg.) 187/08; and
- by failing to take reasonable steps to ensure the compliance of the brokerage, its brokers, and agents, contrary to section 2 of O. Reg. 410/07.
FSRA also alleges that ZK Financial is unsuitable to be licensed, and contravened the Act and its regulations as follows:
- by carrying on the business of dealing in mortgages without a brokerage licence or exemption, contrary to subsection 2(2) of the Act;
- by requiring a borrower to make advance payment or deposit for services to be rendered or expenses to be incurred by the brokerage if the principal amount of a mortgage is $400,000 or less, contrary to subsection 37(1) of O. Reg. 188/08; and
- by including false, misleading or deceptive information in brokerage public relations materials, contrary to section 7 of O. Reg 188/08.
FSRA is proposing to refuse to issue a mortgage broker licence to Lin and revoke the mortgage brokerage licence issued to ZK Financial.
Lin and ZK Financial have requested a hearing before the Financial Services Tribunal about this 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:
Nicole Sherwin
Senior Media Relations Officer
Financial Services Regulatory Authority of Ontario
C: 437-551-5633
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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