Ontario’s Financial Services Regulatory Authority (FSRA) has proposed revoking the brokerage licences of DLC RK Mortgages and Platinum Mortgages, along with other licensing sanctions against their associated principal brokers. The proposals are not final findings: all four respondents requested a Financial Services Tribunal hearing. But FSRA says interim suspensions remain in force, so the two brokerages are not authorized to deal in or trade in mortgages in Ontario while suspended.
Which Brampton mortgage businesses are affected?
FSRA’s October 2, 2026 announcement names Ruby Dhunna, 9379231 Canada Inc. operating as DLC RK Mortgages, Kanwaljit Dhunna, and Platinum Mortgages Inc. operating as Platinum Mortgages. The proposed actions apply to different licences and people:
| Respondent | Proposed action |
|---|---|
| Ruby Dhunna | Refuse renewal of her mortgage broker licence |
| 9379231 Canada Inc., operating as DLC RK Mortgages | Revoke its mortgage brokerage licence |
| Kanwaljit Dhunna | Refuse renewal of his mortgage broker licence and impose a $50,000 administrative penalty |
| Platinum Mortgages Inc., operating as Platinum Mortgages | Revoke its mortgage brokerage licence and its mortgage administrator licence |
These are proposed outcomes, not completed revocations or a final penalty. The respondents requested a hearing before the Financial Services Tribunal. FSRA’s announcement describes the proposed action and the interim orders.
Can DLC RK Mortgages or Platinum Mortgages arrange mortgages now?
No. FSRA says interim suspension orders for DLC RK and Platinum remain extended until the tribunal hearing concludes. While those suspensions are in force, the brokerages are not authorized to deal in or trade in mortgages in Ontario. A suspension is an interim restriction; it is distinct from the proposed final revocation.
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For current licensing information, check FSRA’s public registry. The announcement’s status information is dated October 2, 2026, and registry status can change.
What does FSRA allege?
FSRA’s notice sets out allegations about the two individuals and the businesses. They have not been established as facts by a final tribunal decision. The regulator says Ruby and Kanwaljit Dhunna were unsuitable to be licensed and lists alleged conduct involving:
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- Failing to cooperate with FSRA inquiries, obstructing inquiries, or withholding, concealing, altering, or destroying relevant material.
- Providing FSRA with false or misleading information, and providing false or deceptive information related to mortgages.
- Conduct that could lead the brokerages to contravene regulatory requirements.
- Failing to provide proof of errors and omissions (E&O) insurance, take reasonable steps to ensure mortgage suitability, or disclose material mortgage risks.
- Failing to file Annual Information Returns (AIRs) or notify FSRA of changes to principal business locations.
Additional allegations involving Ruby Dhunna
FSRA separately alleges that Ruby Dhunna carried on mortgage-administration business without a licence and failed to disclose a conflict of interest.
Additional allegations involving Kanwaljit Dhunna
FSRA alleges that Kanwaljit Dhunna failed to remit borrower payments and failed to provide proof of E&O insurance, submit an AIR, or file audited financial statements for Platinum Administrator.
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Why FSRA says the corporations are unsuitable
FSRA says the individuals’ past conduct gives it reasonable grounds to believe the businesses would not be carried on lawfully, honestly, and with integrity. It also alleges that the individuals made false statements or provided false information in licence applications. These are the regulator’s grounds for its proposals, not final findings.
The allegations and proposed remedies are set out in FSRA’s case announcement.
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- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
What consumer complaints have been reported?
Canadian Mortgage Professional reported on October 5, 2026, that the matter arose from two consumer complaints received between May 2024 and March 2025. Its account describes allegations involving a $135,000 mortgage discharged without authorization and a separate refinancing involving an elderly client and a $425,000 mortgage. It also reports approximately $50,900 in prepaid interest, roughly $30,000 allegedly retained, total fees of about $47,000 including a $21,500 brokerage fee, and an approximately 40% increase in interest obligations.
Those transaction-level particulars are secondary reporting of allegations; they do not appear in the FSRA announcement cited here and should not be read as proven findings. Canadian Mortgage Professional’s report also describes civil proceedings and alleged false declarations on licence renewals; those details are likewise not established in the FSRA announcement.
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How is this different from FSRA’s 24-licence revocation action?
FSRA separately announced that 24 brokerage licences were revoked in 2026 after the brokerages failed to file Annual Information Returns despite reminders and follow-up. That was a completed group action for non-filing. The Dhunna matter is a separate pending enforcement proposal involving broader allegations, and the respondents have requested a tribunal hearing.
FSRA says licensed mortgage brokerages and administrators must submit an AIR by March 31. The return covers prior-year business practices, internal controls, and market conditions, and FSRA uses it for risk assessment and oversight. The regulator’s separate 24-licence notice concerns AIR non-filing, not a final outcome in this case. In a September 9, 2026 announcement, FSRA executive vice president Antoinette Leung said, “Compliance with filing requirements is not optional,” and called the filings critical to consumer protection and sector accountability. FSRA’s statement addressed that separate enforcement action.
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