The Financial Services Regulatory Authority of Ontario (FSRA) says it has imposed approximately $1.2 million in penalties amid a broader crackdown on unlicensed activity, fraudulent behaviour and consumer harm in the province’s mortgage and insurance sectors.
In its 2024–25 Enforcement Report, the regulator said it is strengthening enforcement efforts across Ontario’s financial services landscape as concerns grow around non-compliance and deceptive practices. FSRA reported initiating 100 enforcement actions during the fiscal year, a 53 per cent increase from the previous reporting period.
The actions covered multiple regulated sectors, including mortgage brokering, insurance, pensions and credit unions. The regulator also said the number of sanctions issued nearly doubled over the past two fiscal years.
Most investigations involved individuals operating within the mortgage brokering sector, followed by insurance. FSRA also revoked or refused at least 25 licences across both industries.
According to the regulator, expanded statutory powers, stronger supervisory frameworks and enhanced reporting mechanisms for unsuitable agents have enabled faster and more targeted enforcement action against misconduct.
“Enforcement is critical to FSRA’s mandate to protect consumers, promote high business standards, and deter fraud and misconduct in regulated sectors,” said Elissa Sinha, FSRA’s director of litigation and enforcement, in the report.
Among the cases highlighted was former insurance broker Daniel Tiffin, who was ordered to pay a $50,000 penalty after regulators found he acted without a valid licence and used licensed agents as “fronts” to receive commissions.
The report follows earlier warnings from FSRA about a growing trend of insurance agents operating without valid licences. The regulator cautioned that policies sold by unlicensed agents may be voided or cancelled, potentially affecting consumers’ insurance histories and increasing future costs.
FSRA continues to urge consumers to verify that mortgage and insurance professionals are properly licensed before engaging their services.
