A former British Columbia mortgage broker has been permanently banned from the profession after regulators found he submitted false or misleading information in every file investigators reviewed. The case is a stark reminder of why verifying a mortgage broker’s license status matters before you share a single financial document.
What Happened
The B.C. Financial Services Authority (BCFSA) began investigating Gursher Singh Bains after a decision went against him in the province’s Civil Resolution Tribunal, which found he had been negligent in handling a borrower’s mortgage application. That review led regulators to examine eight additional files Bains worked on between May 2022 and April 2024. All eight were found to contain misleading or falsified information.
In five of those cases, Bains submitted documents to lenders that overstated borrowers’ income or assets using material that was not authentic. In one file, a borrower told investigators he “did not recognize the mortgage application or the supporting tax documents” submitted under his name, and his actual tax preparer confirmed they had never prepared the documents in question.
The Regulator’s Findings
The BCFSA found that Bains had failed to deal with borrowers directly in each transaction, relying instead on information passed along by third parties without independently verifying it. The regulator described his conduct as “prejudicial to the public interest,” citing violations that included submitting misleading information to lenders and misrepresenting borrowers’ intentions for the properties involved.
Bains voluntarily terminated his registration with the BCFSA in December 2025 and signed a consent order agreeing to a lifetime ban from re-applying as a mortgage broker in the province. He also agreed to pay a $25,000 administrative penalty and $5,000 in investigation costs.
Why This Matters If You’re Working With a Mortgage Broker
Cases like this highlight something every consumer can actually check before trusting someone with their largest financial transaction: whether their broker is currently licensed and in good standing with their provincial regulator. A licensed, active broker has met ongoing regulatory standards. A broker who has been disciplined, suspended, or never licensed at all has not, and there is often no easy way to tell the difference just by looking at a website or a business card.
This is exactly the gap VerifiedAdvisors.ca was built to close. Every broker listed on our platform is independently cross-referenced against their provincial regulator, so you can confirm who you’re working with before you share income documents, tax records, or personal financial information.
Verify your mortgage broker before you sign anything. Search Canada’s directory of independently license-verified mortgage brokers. → [Search Verified Brokers]
Frequently Asked Questions
How can I verify a mortgage broker’s license in British Columbia?
You can check a broker’s registration status directly through the BCFSA, or search VerifiedAdvisors.ca, where every listed broker’s license has already been independently cross-referenced against the regulator.
What happens if I work with an unlicensed or disciplined mortgage broker?
You lose the consumer protections that come with regulatory oversight. If something goes wrong, you may have limited recourse, and any documents or personal information you’ve shared could be at risk.
Is VerifiedAdvisors.ca affiliated with the government or BCFSA?
No. VerifiedAdvisors.ca is an independent private directory. We cross-reference every listing against official provincial regulatory databases to verify license status, but we are not affiliated with any government body or regulator.
How often should I check that my mortgage broker’s license is still active?
Before starting any new transaction is a good rule of thumb, especially for a large or complex mortgage. License status can change, and a broker in good standing at one point in time is not guaranteed to remain so.
Source: BCFSA consent order, as reported by CTV News, August 8, 2026.