Consultation on Mortgage Agent and Mortgage Broker Licensing Suitability Guidance

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. By taking this step FSRA is providing consumers with an extra layer of protection.  

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.  

Review the proposed Guidance and submit your feedback. The consultation period is now open and will close on May 6, 2024. 

Learn more:

• Proposed Mortgage Agent and Mortgage Broker Licensing Suitability Guidance
• Register for FSRA’s webinar on proposed Mortgage Agent and Mortgage Broker Licensing Suitability Guidance

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.