Enhancing the protection of consumers who work with mortgage professionals in Ontario.
The Financial Services Regulatory Authority of Ontario (FSRA) today published final guidance on a mortgage brokering sector Code of Conduct for mortgage professionals in Ontario: Click here to read.
Since 2020, the Mortgage Broker Regulators’ Council of Canada (MBRCC) and FSRA have been consulting with Mortgage Professionals Canada and others in the mortgage brokering industry to develop this Code of Conduct.
From FSRA’s announcement today:
FSRA is enhancing the protection of consumers who work with mortgage professionals in Ontario.
FSRA is releasing final approach Guidance outlining how it will supervise compliance with the Mortgage Broker Regulators’ Council of Canada Code of Conduct for the Mortgage Brokering Sector (Code). FSRA considers adherence to the Code when assessing whether an individual or business is suitable for licensing.
The Code provides simple, clear guidance on how to conduct mortgage brokering activities that protect consumers’ interests. It does this by reminding licensees to:
- Provide products and services that are suitable for each client;
- Provide services in a transparent and effective manner; and
- Comply with all applicable legal and regulatory requirements.
Consumers can also use the Code to learn about their rights when dealing with a licensee.
The approach Guidance received support during FSRA’s recent consultation and did not require substantive changes. It comes into effect on August 5, 2021.
MPC thanks the members of the MBRCC for their efforts. MPC also thanks the team at FSRA, including Huston Loke, Thera Medcof, Antoinette Leung, Rocca D'Angela, Jennie Hodgson, and their colleagues for their ongoing collaboration with MPC and industry to improve the mortgage brokering sector for all Ontarians.