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BC Financial Services Authority (“BCFSA”) has issued a $10,000 administrative penalty against Karamjit Singh Toor and Kam Toor Personal Real Estate Corporation, of Prince George, B.C., for failing to avoid a conflict of interest and not disclosing the conflict to the client.
Toor created a conflict of interest when they used their personal bank account to pay a deposit for a contract of purchase of sale on behalf of their buyer client when they ought not to have done so. Additionally, Toor failed to let the client know that the conflict had arisen.
BCFSA strongly discourages licensees from actively courting and engaging in any type of conflict of interest where there is a high likelihood that the licensee would not be able to fully act in the client’s best interest or have a personal interest in the transaction.
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”).