FSRA revokes the licence of Expert Financial Corporation and imposes administrative penalties on Expert Financial Corporation, Upanshuman Pandey and Varinder Singh Virk Français
FSRA has also imposed administrative penalties in the total amount of $32,000 on Upanshuman Pandey ("Pandey") and an administrative penalty of $2,000 on Varinder Singh Virk ("Virk").
Pandey was the Principal Broker of Expert Financial. His broker licence expired in March 2025.
Pandey and Expert Financial facilitated Nasir Syed Zaidi Hussain ("Hussain") in holding himself out as a mortgage agent and conducting unlicensed mortgage business. Hussain met with clients, collected supporting documents, and passed the information to Pandey.
Pandey would then submit the mortgage applications and split the brokerage fees with Hussain as commissions. Hussain did not request a hearing, and FSRA imposed orders against him.
"Licensees must not facilitate activities for unlicensed individuals," said Elissa Sinha, Director of Litigation and Enforcement at FSRA.
"We will act decisively to ensure that consumers are advised by individuals who are properly licensed, and meet legal and professional standards."
Pandey breached the Act as follows:
Facilitated the illegal holding out and unlicensed activity of a non-licensee contrary to section 3.1 of O. Reg 187/08;
Failed to take sufficient steps to verify the identities of borrowers, which caused Expert Financial to violate section 10 of O. Reg 188/08, contrary to section 3 of O. Reg 187/08;
Failed to ensure that Expert Financial met its record-keeping obligations, contrary to section 2 of O. Reg 410/07; and
Provided false and misleading statements to FSRA on Expert Financial's Annual Information Returns with respect to the lack of referrals and complaints, contrary to section 45 of the Act.
Expert Financial facilitated the illegal holding out and unlicensed activity of a non-licensee contrary to section 14.2 of O. Reg.188/08 and failed to maintain complete and accurate records from a borrower, contrary to section 46 of O. Reg. 188/08.
Virk dealt in mortgages for remuneration outside of his mortgage brokerage contrary to section 2(3) of the Act.
FSRA issued these orders as a result of settlements with Expert Financial, Pandey and Virk.
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
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