BCFSA Imposes Penalty Against Mortgage Broker for Failure to Verify Information

Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.

a gavel in front of a stack of documents sitting on a wooden table

BC Financial Services Authority has issued a $30,000 penalty against a registered mortgage broker, Tony Young, and ordered him to pay partial investigative costs in the amount of $3,560.

Tony Young conducted business in a manner contrary to the public interest by:

Permitting another registered submortgage broker to have access to his credentials to an online mortgage platform (Filogix) to create and submit mortgage applications; and
Not exercising due diligence to verify the accuracy of information in respect of at least five applications created and/or submitted under his Filogix account by the other broker, some of which contained factual inaccuracies.

BCFSA reminds all mortgage brokers that they have a duty to ensure that any information being sent to a lender is verified. Brokers will be held accountable for errors or omissions they ought to have verified by conducting due diligence of the mortgage applications submitted under their name.