Agent settles with FSRA, agreeing to pay a $30,000 penalty outstanding since 2018
The Financial Services Regulatory Authority of Ontario (FSRA) has imposed conditions on the insurance agent licence of Victor Ferreira following a settlement over administrative penalties that went unpaid for more than six years.
Ferreira and his company, Ferreira Insurance and Investment Concepts Inc. (FIIC), failed to pay administrative monetary penalties (AMPs) of $30,000 and $45,000 respectively, both imposed in April 2018 for conduct contrary to the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).
Despite invoices issued by the Ontario Minister of Finance in September 2019, neither sum was paid.
FIIC has since withdrawn its insurance agent licence renewal application.
A decade of deferred consequences
Ferreira had also held a mortgage agent licence under the MBLAA from August 25, 2015, until its expiry on March 31, 2018.
Ontario’s former financial regulator, the Financial Services Commission of Ontario (FSCO), identified conduct contrary to the MBLAA between 2013 and 2015.
A 2018 settlement with FSCO produced the AMPs, neither of which was paid even after the Minister of Finance issued invoices in September 2019.
The case grew more complex when it emerged that across three successive renewal applications – filed in 2018, 2021, and 2023 – both Ferreira and FIIC answered “No” to questions about past regulatory discipline.
FSRA issued a Notice of Proposal in May 2024 to refuse both applications on grounds of unsuitability, citing the unpaid penalties and those misstatements.
False statements on licence applications have become a recurring element in recent FSRA enforcement files.
A settlement reached December 20, 2024 resolved the matter without a Financial Services Tribunal hearing.
Ferreira agreed to pay the $30,000 AMP, and FIIC withdrew its renewal application.
His insurance agent licence was renewed under two-year conditions: mandatory supervision by a licenced insurance agent with at least two years of experience, a bar on supervising other agents, a prohibition on holding significant control over any licenced insurance corporation, and quarterly written reports to FSRA’s senior manager.
The order was issued January 10, 2025.
A Laval man has been convicted on eight fraud counts after secretly registering high-interest mortgages on properties he had agreed to purchase, leaving homeowners unable to recover what they were owed. https://t.co/B1yeEAer5s
— Canadian Mortgage Professional Magazine (@CMPmagazine) November 5, 2026
Part of a broader enforcement wave
The case arrives as FSRA’s enforcement actions surged across all regulated sectors in 2024–25, with the regulator initiating 100 actions, up from 65 the year prior, and imposing approximately $1.2 million in AMPs – the majority in mortgage brokering.
Elissa Sinha, director of litigation and enforcement at FSRA, wrote in the regulator’s first annual enforcement report that “enforcement is critical to FSRA’s mandate to protect consumers, promote high business standards, and deter fraud and misconduct in regulated sectors.”
Established brokers have welcomed the shift. “I’ve seen more cases against bad actors in the last 12 to 18 months than in previous years,” Joe Sammut, broker of record at Mortgage Architects – A Better Way in Ontario, told Canadian Mortgage Professional in a March interview on FSRA’s tougher enforcement stance.
“They seem to be clamping down and cleaning up, and they’re making sure the fines they’re enacting on people are publicized. They’re finally taking seriously the role we play as mortgage professionals in the transaction. It’s frustrating to see the lack of professionalism [from some mortgage agents]. But I think what the latest regulation is doing is making the good ones even better and the bad ones are that much more obvious.”
Carmen Costa, principal broker at TCG Lending Centres in Ontario, shared a similar view, saying Ontario’s framework is “appropriate, and in many ways necessary” because “strong oversight is important” when dealing with complex financial products that can reshape clients’ finances.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
