Mortgage broker has registration cancelled and is fined maximum penalty for submitting falsified income documents

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Legal professionals handing over envelope in office

Amandeep Duggal, a B.C. mortgage broker, has admitted to submitting mortgage applications containing falsified income information to lenders and failing to exercise reasonable due diligence in verifying borrowers’ financial documents.

Duggal has agreed to a consent order with BCFSA that includes cancellation of his mortgage broker registration, a $50,000 administrative penalty and $30,000 in investigative costs.

Duggal, who was registered as a submortgage broker in 2017, was the sole owner of Duggal Mortgages. BCFSA conducted a review of Duggal’s business practices and found that Duggal submitted falsified documents to lenders even though borrowers had provided accurate income supporting documents to the brokerage. Duggal admitted that he ought to have known the income information he submitted to lenders was inflated from the actual income. He also received more than $56,000 in commissions on those eight mortgage applications.

Duggal received the maximum $50,000 penalty allowed under the Mortgage Brokers Act.

“Duggal’s conduct was serious, and BCFSA imposed the maximum penalty available,” said Jon Vandall, Senior Vice President, Financial Professionals at BCFSA. “Mortgage brokers are trusted with critical financial information. When that trust is abused, BCFSA will act decisively to protect consumers and uphold integrity in the industry.”

New regulatory framework to strengthen oversight and consumer protection

The new Mortgage Services Act (MSA), which comes into force on October 13, 2026, will introduce stronger regulatory requirements mortgage brokers in B.C., including enhanced expectations around verifying borrower information and maintaining accurate documentation. The new framework is designed to strengthen oversight of the industry and provide greater protection for consumers by setting clearer standards of conduct and accountability. Additionally, under the MSA, BCFSA will have enhanced enforcement powers to impose financial penalties that effectively strip away profits gained through misconduct.

“Helping to protect consumers is at the core of BCFSA’s mandate, and the MSA strengthens our ability to do that,” said Vandall. “By establishing clearer expectations for conduct and accountability across the mortgage broker industry, the new framework helps ensure borrowers can trust that the mortgage broker they work with is acting with integrity.”

For more information about the Mortgage Services Act, visit: Mortgage Services Act | BCFSA