IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 19, 21, 38, and 39;
AND IN THE MATTER OF Upanshuman Pandey and Expert Financial Corporation.
Upanshuman Pandey (“Pandey”) was a mortgage broker (licence # M08002621) under the Act. His licence expired on March 31, 2025, and he did not apply to renew it.
Expert Financial Corporation (“Expert Financial”) is a brokerage licensed under the Act (licence # 12744). Pandey has been the principal broker of Expert Financial since 2016.
On July 5, 2024, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to revoke Pandey’s mortgage broker licence and Expert Financial’s mortgage brokerage licence,
A Request for Hearing dated July 29, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”) on July 29, 2024, in accordance with sections 21(2), 21(3), 39(2) and 39(5) of the Act, respecting the Notice of Proposal.
On June 2, 2025, Pandey and Expert Financial withdrew their Requests for Hearings and the Tribunal closed its file with respect to the matter. This order is made pursuant to a Minutes of Settlement and Undertaking entered into by Pandey, Expert Financial, and the Director on May 16,2025.
The mortgage brokerage licence of Expert Financial Corporation (licence # 12744) is hereby revoked for the reasons set out in the Minutes of Settlement and Undertaking.
DATED at Toronto, Ontario, June 11, 2025.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
Administrative penalties in the total amount of $32,000 are hereby imposed on Upanshuman Pandey for the reasons set out in the Minutes of Settlement and Undertaking.
Administrative penalties in the total amount of $36,000 are hereby imposed on Expert Financial Corporation for the reasons set out in the Minutes of Settlement and Undertaking.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Upanshuman Pandey and to Expert Financial Corporation with information as to where and how to pay the administrative penalties. Upanshuman Pandey and Expert Financial Corporation must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Upanshuman Pandey or Expert Financial fail to pay the administrative penalties in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the Order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, June 11, 2025.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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