Setting the Bar High for Ontario’s Mortgage Agents and Brokers
FSRA provides an extra layer of protection for consumers with tough new licensing suitability requirements
TORONTO, March 6, 2024 /CNW/ – To better protect consumers, Ontario’s financial services regulator, FSRA, is proposing guidance that clearly explains how we assess if current or aspiring mortgage agents or brokers are suitable to be licensed. This is the first time we are providing guidance to the sector on this topic.
FSRA wants to ensure all mortgage agents and brokers treat customers fairly and adhere to all regulatory obligations. When issuing a licence, FSRA considers many factors such as an applicant’s educational and technical qualifications, integrity and honesty, and past and current conduct.
“In this period of high interest rates, a rising cost of living and a volatile housing market, it’s more important than ever to protect consumers, including home buyers and people taking out a mortgage,” said Huston Loke, Executive Vice President, Market Conduct at FSRA. “This proposed guidance will provide an extra layer of protection, helping us to confirm that mortgage agents and brokers are suitable to hold a licence, have the required educational and technical qualifications, and are acting with integrity and honesty.”
The Guidance also serves as a guide to help mortgage brokerages and principal brokers fulfill their legal obligation to screen and monitor applicants, agents and brokers for suitability.
If FSRA has reasonable grounds to believe that an applicant, agent or broker is not suitable to be licensed, FSRA may take regulatory action, including refusing, revoking or suspending a licence.
Getting the public’s input
FSRA is committed to making sure consumers and industry members understand this proposed guidance. That’s why we’re asking the public to join us live online for an overview of the publication and an interactive Q&A session on April 17, 2024. Register for the webinar now.
To review the proposed Guidance and submit your feedback, please visit FSRA’s website. The consultation period is now open and will close on May 6, 2024.
Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
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Ashley Legassic
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Financial Services Regulatory Authority
C: 647-719-8426
Email: ashley.legassic@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario
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