TORONTO, April 29, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Gowthaman Balachandran ("Balachandran").

FSRA alleges that Balachandran is not suitable for licensing having regard to the circumstances prescribed under the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, as amended, and that his past conduct affords reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty.

FSRA is proposing to refuse to issue a mortgage agent licence to Balachandran.

Balachandran has requested a hearing before the Financial Services Tribunal about this proposal.

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

Ashley Legassic
Acting Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 647-719-8426
Email: ashley.legassic@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario