TORONTO, Feb. 6, 2026 /CNW/ - The Financial Services Regulatory Authority of Ontario, FSRA, has refused to renew the mortgage brokerage licence of Sergiy Shchavyelyev (Shchavyelyev).
Shchavyelyev is no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended (the Act) because he contravened the Act and regulations as follows:
- His past conduct affords reasonable grounds for the belief he will not deal or trade in mortgages in accordance with the law and with integrity and honesty, contrary to section 10 of Ontario Regulation 409/07.
- Made false statements or provided false information with respect to the application for the licence, contrary to section 10 of Ontario Regulation 409/07.
- Failed to notify FSRA of a lapse in E&O coverage for the Brokerage and Administrator, contrary to section 13 of Ontario Regulation 193/08 and section 29(1) of the Act.
- Failed to comply with FSRA's requirements of principal brokers, contrary to section 7(6) of the Act, and failed to ensure the Brokerage complied with the E&O and Annual Information Return requirements, contrary to sections 2(1) and 2(2) of the Ontario Regulation 410/07.
Shchavyelyev 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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