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Steps being taken to improve licensing efficiency for the mortgage brokering and insurance sectors

To protect consumers, FSRA has put in place a rigorous licence qualification process to help ensure that only suitable people may sell or offer financial products and services in Ontario.

In order to improve the processing times of licence applications in the mortgage brokering and insurance sectors, FSRA has established a second, temporary Licensing Compliance Unit.

In the coming months, FSRA will recruit more staff to handle complex applications and renewals.

The new Licensing Compliance Unit is part of FSRA’s broader plan to increase licensing efficiency. To date, FSRA has also:

  • made it faster and easier to access licensing information and services by automating processes or launching online portals that licencees can use at their convenience
  • reduced service outages by improving the stability of its systems
  • been transparent and kept industry informed about service levels by posting weekly application review status updates and announcing service standards every quarter

Between 2020 and 2021, FSRA saw double-digit increases in licencing application volumes in the mortgage brokering and insurance sectors.

Yet in the third quarter of 2021, FSRA met most of its service standards.

In mortgage brokering:

  • issued 93% of complete licence applications within 10 days of receipt
  • acknowledged 100% of incomplete applications
  • contacted 79% of applicants with a suitability issue identified within 10 days of assignment to a specialist

In insurance:

  • issued 74.4% of licences
  • acknowledged 100% of incomplete applications
  • contacted 74.4% of applicants with a suitability issue identified within 10 days of assignment to a specialist

FSRA continues to improve its systems and capabilities to meet licensing service standards. Initiatives in progress include the FSRAForward Information Technology initiative and establishing a new criminal record check process for licensing purposes.

FSRA is confident that the enhancements to its resources, systems and processes will improve the licensing experience for industry and better protect consumers.

Learn more

FSRA continues to work on behalf of stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.

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