If a licensed mortgage brokerage in Ontario wishes to cease operations and surrender its licence, the Principal Broker of the brokerage must complete an application to surrender its mortgage brokerage licence.
New: You can submit an application to surrender your mortgage brokerage licence through Licensing Link. It’s fast, easy, and convenient.
What you need to know:
It's important to follow the instructions in the application form, as it:
- Notifies the CEO of the Financial Services Regulatory Authority of Ontario (CEO of FSRA) of the brokerage's intention to surrender its mortgage brokerage licence.
- Ensures that the brokerage has properly exited the mortgage brokerage business.
The CEO will allow the surrender of a mortgage brokerage licence unless FSRA believes it is not in the public interest to do so. The CEO will consider:
- Whether there are any current disciplinary actions, outstanding complaints or investigations under way.
- Whether the brokerage owes any administrative monetary penalties to FSRA.
- If the brokerage has notified its clients that the brokerage is planning to exit the mortgage brokering business.
- If the brokerage has made arrangements that will ensure its clients continue to receive mortgage brokerage services.
In some instances, FSRA may propose allowing the surrender with some conditions. If you disagree with those conditions, you will have an opportunity to request a hearing before the Financial Services Tribunal, which will make the final decision.
The mortgage brokerage must maintain all mortgage administrator licensing requirements until you receive notice that FSRA has accepted the surrender of the licence.
Ready to surrender the licence?
Sign into Licensing Link and select Surrender Your Licence from the menu;
No fee is required.
FSRA will review your application and contact your Principal Broker if further clarification and/or additional information are required. If the CEO approves the surrender of the mortgage brokerage licence, FSRA will send a confirmation to your Principal Broker via email.
The mortgage brokerage licence remains in force until the CEO has received and approved the application form. While the licence remains in force, the business is still required to comply with the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations, including requirements to file the Annual Information Return and to maintain errors and omissions insurance