IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “MBLAA”), in particular sections 19 and 21;

AND IN THE MATTER OF the Insurance Act, 2006, R.S.O. 1990, c.I.8, as amended (the “Insurance Act”), in particular sections 392.4 and 407.1;

AND IN THE MATTER OF Jasneet Singh Bajwa

MINUTES OF SETTLEMENT AND UNDERTAKING

PART I – INTRODUCTION

Jasneet Bajwa (“Bajwa”) is currently licenced as a mortgage agent (level 2) (licence # M22000639) under the MBLAA since February 14, 2022.
Bajwa is currently sponsored by a mortgage brokerage, Greater Toronto Mortgages & Financial Services Corp. o/a Greater Toronto Mortgages (licence #10257).
Bajwa was also licenced as a life agent and accident and sickness agent (licence #15147149) under the Insurance Act from October 20, 2015, until his licence expired on October 19, 2023. Bajwa submitted an application to renew his insurance agent licence on October 17, 2023. He is not currently licenced under the Insurance Act.
On September 3, 2024, the Director, Litigation and Enforcement (“Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued two Notices of Proposal in respect of Bajwa’s conduct in the insurance sector (the “IA NOP”) and the mortgage sector (the "MBLAA NOP”).
The IA NOP proposed to refuse to renew Bajwa’s insurance agent licence under the Insurance Act and the MBLAA NOP proposed to revoke Bajwa’s mortgage agent licence under the MBLAA.
Bajwa disputed the allegations and, on September 17, 2024, requested a hearing before the Financial Services Tribunal (the “Tribunal”) in respect of the IA NOP and MBLAA NOP.
Bajwa and the Director, by delegated authority from the CEO (collectively the “Parties”), wish to resolve these matters on consent and without a hearing before the Tribunal.

PART II – AGREED FACTS

A. False or Misleading Statements

Bajwa was affiliated with the World Financial Group Insurance Agency of Canada Inc. (“WFG”) and ivari and sold life and health policies through Industrial Alliance (“iA”).
During Bajwa’s employment with WFG, Bajwa received training from WFG’s Senior Marketing Directors. Bajwa diligently followed the training and guidance he received believing that his training was in full compliance with the law.
In November 2022, iA suspended Bajwa from conducting business with iA while it investigated Bajwa due to a “very high volume” of business submitted in comparison to previous years.
On June 19, 2023, iA provided Bajwa with a letter outlining the findings of its investigation (the “Findings Letter”).
The iA investigation found that, among other things, of approximately 21 contracts sold, only one was still in force; Bajwa failed to establish the suitability of the products he sold; there were significant discrepancies in the signatures on documents submitted; 16 of 19 driver’s licences used to verify client identities were invalid; and there were unconvincing or nonexistent answers from Bajwa to iA’s questions. Between October 11, 2022 and November 8, 2022, Bajwa submitted 16 insurance applications for clients which contained false information.
As a result, Bajwa’s ability to conduct business with iA was terminated in June and he was advised that a commission chargeback would be initiated.
Bajwa was terminated from WFG and ivari on August 31, 2023 and October 3, 2023, respectively.
At the same time, WFG and ivari reported suitability concerns regarding Bajwa to FSRA.
Bajwa has been charged back for commissions earned on all 22 of the contracts he sold. The chargebacks total approximately $70,217.35.

B. Failure to Maintain Valid E&O Insurance

Bajwa admitted he did not have valid E&O insurance for his insurance agent licence from August 2023 to October 23, 2023 when his licence expired.

C. False Statements on Renewal Applications

Insurance Application

On or about November 17, 2023, Bajwa submitted an application to renew his insurance agent licence.
Despite having been terminated for cause from iA in June 2023, Bajwa falsely stated he would be conducting business with iA.
Bajwa also falsely indicated that he had not had a business relationship terminated for, among other things, breach of trust or fraud.

Mortgage Application

On March 12, 2024, Bajwa submitted an application to renew his mortgage agent licence.
Despite having his business relationships with his insurer and their affiliates terminated for cause, Bajwa falsely indicated that he had not had a business relationship terminated for, among other things, breach of trust or fraud.
Bajwa declared on his renewal application that he had truthfully answered all the questions and certified that he understood that “providing false, misleading or incomplete information may be sufficient grounds to revoke or refuse to renew a licence.”

PART III – NON-COMPLIANCE WITH THE ACT

By engaging in the conduct described in Part II of these Minutes of Settlement and Undertaking (“Minutes”), Bajwa admits and acknowledges that he breached the Insurance Act and MBLAA as follows:
1. By contravening section 13 of Ontario Regulation 347/04 of the Insurance Act by failing to maintain valid E&O insurance from August 31, 2023 until his licence expired October 23, 2023;
2. By contravening section 17(c) of Ontario Regulation 347/04 of the Insurance Act by making a false or misleading statements or representations in 16 insurance applications and in renewal applications to FSRA; and
3. By contravening section 10, paragraph 3, of Ontario Regulation 409/07 of the MBLAA by making a false statement on his applications for licence renewal.
In view of the above non-compliance, Bajwa agrees that the IA NOP will be carried out against him and that his application to renew his insurance agent licence will be refused pursuant to section 407.1 of the Insurance Act.
Additionally, Bajwa consents to the following conditions on his mortgage agent licence, which will be revisited in two years from the date of the Order:
1. All mortgages arranged by Bajwa must be reviewed by his Principal Broker;
2. Bajwa shall not access client files at his brokerage unless he is directly involved with the client file; and
3. Bajwa shall provide FSRA with a statement every three months, signed by Bajwa and his Principal Broker, confirming that he is complying with his licence conditions and statutory obligations.
4. Bajwa shall not apply for a mortgage broker licence for a period of two years from the date of the Order.

PART IV – TERMS OF SETTLEMENT

Bajwa admits the facts contained in Part II of these Minutes and admits the contraventions stated in Part III of these Minutes.
Bajwa acknowledges and agrees that he has been given the opportunity to seek independent legal advice and has done so (or has waived the right to do so) and is entering into these Minutes voluntarily, understanding the consequences of doing so.
Bajwa acknowledges that these Minutes are an undertaking within the meaning of the Act, and that failure to comply may result in immediate regulatory action including, but not limited to, the issuance of a further Notice of Proposal as may be required or prosecution under the Provincial Offences Act.
Bajwa acknowledges that, notwithstanding paragraph 41(iii) of these Minutes, the facts in Part II of these Minutes may be considered for the purposes of assessing his suitability on any future applications for a licence under the Insurance Act, the MBLAA, or otherwise with FSRA.

(a) Issuance of Orders

Bajwa acknowledges that, upon execution of these Minutes by both Parties, the Orders, attached hereto as Schedules “A” and “B” to these Minutes (collectively, the “Orders”), will be issued.

(b) Process for Execution of Settlement

Bajwa acknowledges that these Minutes are not binding on the Director until signed by the Director.
These Minutes may be executed in counterparts and may be executed and delivered by facsimile or e-mail, and all such counterparts and facsimiles or e-mails, as applicable, shall together constitute one and the same agreement.
Upon receiving an executed copy of these Minutes from FSRA, Bajwa will withdraw his Request for Hearing Forms (Form 1) before the Tribunal in respect of both the IA NOP and the MBLAA NOP by completing Withdrawal/Discontinuance (Form 5) Forms and filing them with the Registrar at the Tribunal within five (5) business days.
Upon confirmation from the Tribunal that the Request for Hearing Forms for the IA NOP and MBLAA NOP have been withdrawn and the hearings have been cancelled, the Parties agree that the Director will issue the Orders in the form attached as Schedules “A” and “B” to these Minutes.
The Parties accept and understand that these Minutes and any rights within the Minutes shall enure to the Parties and to any successors or assigns of the Parties.

(c) Disclosure of Minutes and Orders

The Parties will keep the terms of these Minutes and the Orders confidential until the Orders are issued, except that:
1. The Director shall be permitted to disclose the Minutes and the Orders within FSRA; and
2. The Parties shall be permitted to inform the Financial Services Tribunal.
If either Party does not sign these Minutes or the Director does not issue the Orders:
1. These Minutes, the Orders, and all related discussions and negotiations will be without prejudice to FSRA and Bajwa; and
2. The Parties will each be entitled to all available proceedings, remedies, and challenges, including proceeding to a hearing of the allegations contained in the NOP. Any proceedings, remedies and challenges will not be affected by these Minutes, the Orders, or any related discussions or negotiations.
Upon issuance of the Orders:
1. Bajwa agrees that these Minutes and the Orders form part of his administrative record for the purposes of any future licensing decision or as an aggravating factor in respect of a future administrative penalty or prosecution against him or any affiliated entities;
2. Bajwa acknowledges that these Minutes and the Orders are public and will be published by FSRA on its public website (or that of its successor) along with a press release that summarizes these Minutes and the Orders; and
3. The Parties agree not to make representations to any member of the public or media or in a public forum that are inconsistent with these Minutes or the Orders.

(d) Further Proceedings

Whether or not the Orders are issued, Bajwa will not use, in any proceeding, these Minutes or the negotiation or process of approval of these Minutes as the basis for any attack on FSRA’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may be available.
Upon issuance of the Orders:
1. Bajwa waives all rights to a hearing before the Tribunal regarding the IA NOP and MBLAA NOP;
2. Bajwa waives all rights to a judicial review or appeal of the Orders;
3. The Director agrees that FSRA will not take any further proceedings against Bajwa arising solely from the facts contained in Part II of these minutes, unless facts not disclosed by Bajwa come to the attention of FSRA that are materially different from those the facts contained in Part II of these minutes or Bajwa fails to comply with any term in the Orders; and
4. Bajwa agrees that should he fail to comply with any term in these Minutes or the Orders, FSRA is entitled to bring any proceedings available to it.

DATED Nov 07, 2025 at Brampton, Ontario,

Original signed by

Jasneet Singh Bajwa

DATED Nov 07, 2025 at Brampton, Ontario,

Original signed by

Sukhjinder Bhangu
Name of Witness

DATED November 10, 2025 at Toronto, Ontario

Original signed by

Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario

By delegated authority from the Chief Executive Officer

SCHEDULE A

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “MBLAA”), in particular sections 19 and 21;

AND IN THE MATTER OF Jasneet Singh Bajwa (“Bajwa”).

ORDER TO IMPOSE CONDITIONS ON A LICENCE

Bajwa is licenced as a mortgage agent (licence # M22000639) under the Act.

On September 3, 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 Bajwa’s mortgage agent licence due to his past conduct in the insurance sector and for providing false information on his licence renewal application.

A Request for Hearing (Form 1) dated September 17, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 39(5) of the MBLAA respecting this Notice of Proposal.

On [TBD], Bajwa withdrew the Request for Hearing and on the Tribunal closed its file with respect to the matter. This Order is made pursuant to a settlement entered into by Bajwa and the Director.

ORDER

Once submitted, the new previously licensed mortgage agent application of Bajwa will be issued subject to the following conditions, which will be revisited in two years from the date of this Order:

All mortgages arranged by Bajwa must be reviewed by his Principal Broker;
Bajwa shall not access client files at his brokerage unless he is directly involved with the client file; and
Bajwa shall provide FSRA with a statement every three months, signed by Bajwa and his Principal Broker, confirming that he is complying with his licence conditions and statutory obligations.
Bajwa shall not apply for a mortgage broker licence for a period of two years from the date of this Order.

DATED at Toronto, Ontario,

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Office

SCHEDULE B

IN THE MATTER OF the Insurance Act, 2006, R.S.O. 1990, c.I.8, as amended (the “Insurance Act”), in particular sections 392.4 and 407.1;

AND IN THE MATTER OF Jasneet Singh Bajwa (“Bajwa”).

ORDER TO REFUSE TO RENEW LICENCE

Bajwa was licenced as a life agent and accident and sickness agent (licence #15147149) under the Act from October 20, 2015 until the licence expired on October 19, 2023. Bajwa is currently not licenced under the Act.

On September 3, 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 refuse to renew Bajwa’s insurance agent licence for the following contraventions:

Failing to maintain valid E&O insurance contrary to Section 13 of Ontario Regulation 347/04; and
Making false or misleading statements or representations in the solicitation or registration of insurance contrary to Section 17(c) of Ontario Regulation 347/04.

A Request for Hearing (Form 1) dated September 17, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 407.1(3) of the Insurance Act respecting this Notice of Proposal.

On [TBD], Bajwa withdrew the Request for Hearing and the Tribunal closed its file with respect to the matter. This order is made pursuant to a settlement entered into by Bajwa and the Director.

ORDER

The renewal application of the life insurance and accident & sickness insurance agent licence (#15147149) issued to Bajwa is hereby refused for the reasons set out in the Minutes of Settlement dated [TBD].

DATED at Toronto, Ontario,

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Office

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