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BCFSA Issues Penalty Against Mortgage Broker Sophiya Sadrudin Dewshi
BC Financial Services Authority (“BCFSA”) has issued a penalty against submortgage broker Sophiya Dewshi for failing to adequately complete the required Conflict of Interest Disclosure Statement (Form 10) regarding the mortgages she arranged.
Dewshi has been ordered to pay:
- An administrative penalty in the amount of $20,000; and
- Investigative costs in the amount of $15,000.
A compliance audit conducted by the Registrar of Mortgage Brokers Examination Program in September 2019 found multiple deficiencies with Dewshi’s mortgage files and evidence of professional misconduct in contravention of the Mortgage Broker Act. BCFSA issued a warning letter to Dewshi after the initial audit, but a subsequent investigation in 2021 revealed she had not followed the Registrar’s recommendations.
Staff of the Registrar reviewed all the deals Dewshi completed between October 2019 and January 2021 and determined that she failed to adequately complete Form 10s in all deals, including failing to disclose to the borrowers the commissions she received from the lenders.
Sophiya Dewshi is also a real estate licensee and was previously disciplined in 2016 under the Real Estate Services Act for failing to disclose required information. BCFSA takes matters relating to professional misconduct seriously and seeks to protect the public by enforcing the regulations.
About BCFSA
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
Media Contact:
Warren Mirko
Communications Manager, (778) 783-4057, [email protected]
Visit: www.bcfsa.ca