As a Principal Broker in Ontario, if you wish to surrender your personal mortgage broker licence or your mortgage brokerage licence. You need to submit an application to the Financial Services Regulatory Authority of Ontario (FSRA). The required applications can be downloaded from FSRA’s Mortgage Brokering Forms.
What is FSRA’s role?
FSRA’s licensing team will review your application to make sure the surrender is in the public’s best interest. To make this determination, the licensing team will consider a number of factors, including:
- Whether there any current disciplinary actions, outstanding complaints or investigations underway.
- If the mortgage broker has any outstanding administrative monetary penalties.
The licensing team may impose some conditions before allowing you to surrender your licence.In rarer cases, the licensing team may reject an application if there are serious concerns. If you disagree with the decision, you can request a hearing before the Financial Services Tribunal.
Surrendering your personal broker licence
As a Principal Broker, if you wish to surrender your personal broker licence. You must first ensure your brokerage appoints a new Principal Broker. You should then complete the Application for Surrender of a Mortgage Broker or Agent Licence[PDF].
On the application form, you must also indicate which of the following situations applies to the brokerage for which you are the Principal Broker:
- It has had its licence revoked, has been allowed to surrender its licence, or has submitted the form to surrender its licence and is awaiting acceptance of the surrender from FSRA.
- It has appointed another Principal Broker and notified FSRA as required.
For additional information about surrendering your broker licence, see Surrendering my mortgage broker’s licence.
Surrendering your mortgage brokerage licence
If your mortgage brokerage wishes to surrender its licence, it is your responsibility as Principal Broker to complete the required form. For additional information, see Surrendering my mortgage brokerage licence.
Until you receive an email confirmation that your application has been approved, you need to continue to maintain all requirements for your licence.