Loans Canada is Not Licensed to Conduct Mortgage Business in Ontario
TORONTO, February 9, 2021 - The Financial Services Regulatory Authority of Ontario (FSRA) is warning consumers that Loans Canada is not licensed to conduct mortgage business in Ontario.
It has come to FSRA’s attention that Loans Canada is conducting mortgage business without a valid license through www.loanscanada.ca.
FSRA encourages consumers to exercise caution if they are contacted by anyone claiming to represent Loans Canada. Consumers are also advised not to obtain a mortgage arranged through Loans Canada.
FSRA licenses mortgage brokerages, brokers and agents to safeguard public confidence and trust in Ontario’s financial services. If consumers obtain a mortgage through individuals or companies not licensed by FSRA, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations that govern Ontario's licensed mortgage brokerages, brokers and agents.
Consumers are also encouraged to check the public registry to ensure they are working with a licensed mortgage broker, agent, brokerage, or administrator.
The Financial Services Regulatory Authority of Ontario (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.
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Senior Communications Officer