FSRA publishes final guidance on mortgage brokering sector Code of Conduct
The Financial Services Regulatory Authority of Ontario (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.
The Mortgage Broker Regulators’ Council of Canada consulted with the Canadian mortgage brokering industry and the public to develop the Code. FSRA would like to thank Mortgage Professionals Canada, the Canadian Mortgage Brokers Association, and members of the industry and public for their contributions to this important initiative.
Learn more: FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
- FSRA final approach Guidance on the Mortgage Broker Regulators' Council of Canada Code of Conduct
- FSRA approach Guidance: Public consultation feedback summary
- Mortgage Broker Regulators’ Council of Canada Code of Conduct for the Mortgage Brokering Sector
- Mortgage Broker Regulators’ Council of Canada consulted with the industry and the public to develop the Code: Public consultation