TORONTO, June 30, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Saadia Ali, Amin Mohammad Ali, and Anusha Financial Group Inc. FSRA is proposing to revoke the licences of Saadia Ali and Amin Mohammad Ali and refuse to renew the licence of Anusha Financial Group Inc.

FRSA alleges that Saadia Ali engaged in unfair or deceptive acts or practices by making false or misleading statements regarding insurance policies and not providing clients with complete comparisons of policies, contrary to section 439 of the Insurance Act (the "Act"). FSRA further alleges these actions are contraventions of subsections 17(c) and 17(d) of Ontario Regulation 347/04. Further, FSRA alleges that Saadia Ali made a false and misleading statement on her licence application, contrary to section 392.5 of the Act and section 8 of the Ontario Regulation 347/04.

FSRA alleges that Amin Mohammad Ali engaged in unfair or deceptive acts or practices by making false or misleading statements regarding insurance policies and not providing clients with complete comparisons of policies, contrary to section 439 of the Insurance Act (the "Act"). FSRA also alleges these actions are contraventions of subsections 17(c) and 17(d) of Ontario Regulation 347/04. Further, FSRA alleges that Amin Mohammad Ali made false and misleading statements on his licence application, contrary to section 392.5 of the Act and section 8 of the Ontario Regulation 347/04.

Given that Amin Mohammad Ali is the owner and directing mind of Anusha Financial Group Inc., FSRA alleges that Anusha Financial Group Inc. will not transact insurance agency business with honesty and trustworthiness and is not suitable to be licensed under the Act.

Both Amin Mohammadi Ali and Saadia Ali have requested a hearing before the Financial Services Tribunal after receiving this Notice of Proposal.

Anusha Financial Group Inc. may request a hearing before the Financial Services Tribunal about this proposal after receiving this Notice of Proposal.

FSRA is working to protect consumers through its monitoring and enforcement activities.

FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario

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