TORONTO, July 15,
2024 /CNW/ - To better protect homebuyers and
mortgage investors, Ontario's
financial services regulator (FSRA) is releasing final Guidance to
help ensure current and aspiring mortgage agents and brokers are
suitable to hold a licence.
"We want to ensure that mortgage agents and brokers in
Ontario are well qualified and
trained before being issued a licence, especially during a time
when mortgage affordability has become one of the top concerns in
the province," said Huston Loke, Executive Vice-President, Market
Conduct at FSRA. "This is the first time we're releasing Guidance
that explains how we assess if someone is suitable to hold a
licence, strengthening sector practices and further protecting
Ontarians working with mortgage professionals."
The Guidance helps mortgage professionals understand how past
and current conduct may affect their suitability to hold a licence.
It outlines best practices for brokerages and principal brokers to
screen applicants and monitor their authorized licensees.
FSRA issues licences based on educational and technical
qualifications, integrity, competence and past and current
conduct.
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, placing conditions on,
revoking or suspending a licence.
The final Guidance was updated to include additional references
to provisions in the Mortgage Brokerages, Lenders and
Administrators Act, 2006, and reiterate that the oversight of
brokers and agents is a brokerage's ongoing responsibility.
Learn more:
- Final Guidance on Mortgage Agent and Mortgage Broker Licensing
Suitability
- Summary of stakeholder feedback and FSRA's responses
- Mortgage Brokerages, Lenders and Administrators Act, 2006
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.
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager of Media
Relations
Financial Services Regulatory
Authority
C:
437-225-8551
Email:
russ.courtney@fsrao.ca
SOURCE Financial Services Regulatory Authority of Ontario