Verified October 16, 2026 against the Financial Services Regulatory Authority of Ontario (FSRA) announcement of October 2, 2026.
The short version: FSRA is proposing to revoke the brokerage licences of Platinum Mortgages Inc. and 9379231 Canada Inc., operating as DLC RK Mortgages, revoke Platinum’s mortgage administrator licence, refuse to renew the mortgage broker licences of Ruby Dhunna and Kanwaljit Dhunna, and impose a $50,000 administrative penalty on Kanwaljit Dhunna. These are allegations and proposed actions. All four parties have asked for a hearing before the Financial Services Tribunal. In the meantime, both brokerages are under an interim suspension and are not authorized to deal or trade in mortgages in Ontario.
Who is involved
| Party | Licence |
|---|---|
| Ruby Dhunna | Mortgage broker |
| Kanwaljit Dhunna | Mortgage broker |
| 9379231 Canada Inc., operating as DLC RK Mortgages | Mortgage brokerage |
| Platinum Mortgages Inc., operating as Platinum Mortgages | Mortgage brokerage and mortgage administrator |
FSRA’s announcement does not say where the brokerages are based, how many borrowers or mortgages are involved, or the dollar value of any loans. We have not added details FSRA did not publish.
What FSRA proposes
- Refuse to renew the mortgage broker licences of Ruby Dhunna and Kanwaljit Dhunna
- Revoke the mortgage brokerage licences of DLC RK Mortgages and Platinum Mortgages
- Revoke Platinum Mortgages’ mortgage administrator licence
- Impose a $50,000 administrative penalty on Kanwaljit Dhunna
No penalty is proposed against the other three parties.
What FSRA alleges
FSRA’s allegations are under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations. None of them has been proven before the Tribunal.
Allegations against both Ruby and Kanwaljit Dhunna
| Allegation | Provision |
|---|---|
| Failing to assist with an inquiry | Subsection 30(6) of the Act |
| Hindering or obstructing FSRA, and withholding, concealing, altering or destroying relevant material | Subsections 44(1) and 44(2) of the Act |
| Giving false or misleading information to FSRA | Subsection 45(1) of the Act |
| Giving, or assisting in giving, false or deceptive information or documents when dealing or trading in mortgages | Subsection 43(2) of the Act |
| Doing something that could reasonably be expected to cause the brokerage to breach the Act | Section 3, O. Reg. 187/08 |
| Failing to provide proof of errors and omissions insurance for DLC RK and Platinum’s brokerage | Section 42, O. Reg. 188/08 |
| Failing to take reasonable steps to ensure a mortgage was suitable for the borrower | Subsection 24(1), O. Reg. 188/08 |
| Failing to disclose a mortgage’s material risks | Subsection 25(1), O. Reg. 188/08 |
| Failing to submit the Annual Information Return for DLC RK and Platinum’s brokerage | Section 2, O. Reg. 193/08 |
| Failing to notify FSRA within five days of a change in the Ontario principal place of business for DLC RK and both Platinum licences | Section 8, O. Reg. 193/08 |
Additional allegations against Ruby Dhunna
- Carrying on business as a mortgage administrator without a licence, subsection 5(2) of the Act
- Failing to disclose a conflict of interest in connection with a mortgage, section 27 of O. Reg. 188/08
Additional allegations against Kanwaljit Dhunna
- Failing to remit payments to or on behalf of a borrower, subsection 5(1) of the Act
- Failing to provide proof of errors and omissions insurance for Platinum’s administrator licence, section 27 of O. Reg. 189/08
- Failing to submit the Annual Information Return and to file audited financial statements for Platinum’s administrator licence, sections 2 and 3 of O. Reg. 193/08
Allegations against the two brokerages
FSRA alleges DLC RK Mortgages and Platinum Mortgages are not suitable to be licensed because the past conduct of Ruby and Kanwaljit Dhunna suggests the business will not be carried on lawfully, with integrity and honesty, and because Ruby and Kanwaljit Dhunna made false statements and provided false information in a licence application.
What happens now
Because all four parties requested a hearing, the Financial Services Tribunal will decide whether FSRA’s proposed actions go ahead. The Tribunal can confirm, change or reject them, and the parties can also settle with FSRA before a decision.
FSRA has already imposed an interim suspension on DLC RK Mortgages and Platinum’s brokerage licence, and has extended it until the hearing concludes. While suspended, they are not authorized to deal or trade in mortgages in Ontario. The announcement does not say the administrator licence is suspended.
If you have a mortgage through either brokerage
- Keep paying your mortgage as agreed unless your lender or a lawyer tells you otherwise. A brokerage suspension does not by itself cancel an existing mortgage with your lender.
- Confirm who your lender is and where payments go. Check your mortgage documents and your registered charge. If payments go through an administrator, confirm with the lender that they are being received.
- Do not start new mortgage business with a suspended brokerage. FSRA says they are not authorized to deal or trade in mortgages while suspended.
- Check any agent or brokerage before you work with them using FSRA’s licence search and its enforcement database.
- Report concerns to FSRA through its complaint and fraud reporting page. FSRA cannot recover money for you, so for a dispute over funds, speak with a lawyer.
In a separate case on October 15, FSRA ordered a $40,000 penalty against Paramjeet Kaur following a settlement. If you are shopping for a mortgage, our mortgage stress test guide explains how lenders will test your income. For help with a GTA purchase, see how we help buyers.
FAQ
What did FSRA announce about Platinum Mortgages and DLC RK Mortgages?
On October 2, 2026, FSRA said it proposes to revoke the mortgage brokerage licences of Platinum Mortgages Inc. and 9379231 Canada Inc., operating as DLC RK Mortgages, and to revoke Platinum’s mortgage administrator licence. Both brokerages are under an interim suspension until the hearing concludes.
Has FSRA proven these allegations?
No. They are allegations and proposed actions. All four parties requested a hearing before the Financial Services Tribunal, which will decide the matter unless it is settled.
What penalty did FSRA propose against Kanwaljit Dhunna?
A $50,000 administrative penalty, along with refusing to renew Kanwaljit Dhunna’s mortgage broker licence. No penalty was proposed for the other parties.
Can Platinum Mortgages or DLC RK Mortgages arrange mortgages right now?
No. FSRA says both brokerages are under an interim suspension and are not authorized to deal or trade in mortgages in Ontario while it is in effect.
What should I do if my mortgage was arranged through one of these brokerages?
Keep paying as agreed unless your lender or lawyer advises otherwise, confirm with your lender that payments are being received, and contact FSRA or a lawyer if you have concerns.
Sources
- FSRA, FSRA takes enforcement action against Ruby Dhunna, 9379231 Canada Inc., Kanwaljit Dhunna and Platinum Mortgages Inc., October 2, 2026
- FSRA enforcement records: Ruby Dhunna, 9379231 Canada Inc., Kanwaljit Dhunna, Platinum Mortgages brokerage, Platinum Mortgages administrator
- FSRA, Mortgage brokering consumer information
Featured image: Jakub Zerdzicki, Local Toronto media library.
This is a news report based on FSRA’s published announcement. The allegations have not been proven. This is not legal or mortgage advice. Local Toronto, HomeLife Landmark Realty Inc., Brokerage.