Ontario’s financial regulator has revoked the licence of a Brampton-based mortgage brokerage and issued fines totaling $100,000, citing multiple violations of provincial lending rules.

The Financial Services Regulatory Authority of Ontario (FSRA) announced this week that it has permanently pulled the licence of Mortgage Smart, a mortgage brokerage operating out of Brampton, following an investigation into a series of regulatory breaches.

Among those penalized are Kamal Dhillon, the firm’s principal broker, who has been hit with two $10,000 fines, and Ranjit Dhillon, who faces two $40,000 fines.

According to the FSRA, the penalties stem from instances where false information was provided to the regulator, consumer complaints, and six mortgage transactions in which the brokers failed to ensure that the loan products were suitable for the borrowers—an obligation under the Mortgage Brokerages, Lenders and Administrators Act.

Kamal Dhillon was cited for failing to ensure that Mortgage Smart’s agents were compliant with the law and for neglecting to implement proper internal procedures for record-keeping and managing potential conflicts of interest.

Ranjit Dhillon, meanwhile, was fined for failing to disclose key risks and conflicts to clients and for operating without adequate internal policies related to transparency and documentation.

The FSRA says the fines and licence revocation were issued as part of settlement agreements with the individuals involved.