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BC Financial Services Authority has suspended Gregory Joseph Martel and My Mortgage Auction Corp., doing business as Shop Your Own Mortgage (“SYOM”), of Victoria, B.C., from conducting any mortgage broker activity, effective immediately.
BCFSA took this step after investigators obtained evidence indicating that Martel and SYOM had conducted business in a manner prejudicial to the public interest.
The suspension orders were made on an urgent basis after BCFSA determined the length of time required to conduct an investigation or hold a hearing while Martel and SYOM remain registered to provide mortgage broker services would present a significant risk to the public. BCFSA protects the public by holding mortgage brokers to high ethical and professional standards, enforcing suitability requirements and reducing and preventing misconduct under the Mortgage Brokers Act.
BCFSA acknowledges in the suspension orders that the claims made against Martel and SYOM have not yet been proven.
The suspension orders will remain in force until BCFSA completes its investigation into the conduct and activities of Martel and SYOM and makes a determination after a hearing. Martel and SYOM or both may appeal these orders to the Financial Services Tribunal.
- Suspension Order and Reasons – Gregory Martel and Shop Your Own Mortgage
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”).