Ontario’s financial services regulator has taken enforcement action against Chanderkant Jindal, alleging multiple breaches of provincial regulations tied to both the insurance and mortgage sectors.
The Financial Services Regulatory Authority of Ontario (FSRA) claimed that Jindal provided false or misleading information while soliciting or registering insurance, which it said is a violation of section of the Insurance Act.
FSRA also alleged that Jindal does not meet the suitability requirements to hold a mortgage agent license under the Mortgage Brokerages, Lenders and Administrators Act. The regulator said his past and current conduct in both insurance and mortgage-related activities gives it reason to believe he would not comply with legislative requirements or act with integrity in his dealings.
In addition, FSRA alleged Jindal made a material misstatement or omitted required information in his most recent mortgage license renewal application.
As a result, the regulator proposed to deny the renewal of Jindal’s mortgage agent license and impose a $5,000 administrative penalty under the Insurance Act. Jindal has requested a hearing before the Financial Services Tribunal to review FSRA’s proposals.
The enforcement action is the latest in a series of steps taken by FSRA involving individuals alleged to have breached regulatory requirements.
Just last month, the FSRA imposed a $100,000 administrative penalty on Kostyantyn Poshtarenko for conducting insurance business without a valid licence. The regulator said Poshtarenko violated provisions of the Insurance Act and Ontario Regulation 347/04 by acting without proper authorisation.
FSRA also announced a $50,000 penalty and compliance order against Daniel Emerson Tiffin following a decision by the Financial Services Tribunal. Tiffin, a former licence holder, was found to have continued offering insurance advice, including policy recommendations, after his licence had lapsed. FSRA said he used licensed agents to process paperwork on his behalf in order to continue receiving commissions.
In another case, FSRA denied the renewal of Hong Wei Liao’s insurance agent licence, citing false information in her application and concerns over her past conduct. The regulator concluded she did not meet the standards required to hold a licence.
