FSRA publishes definitive guidance on the Code of Conduct for the Mortgage Brokerage Sector

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TORONTO, August 5, 2021 / CNW / – Financial Services Regulatory Authority Ontario (FSRA) strengthens consumer protection for mortgage professionals in Ontario.

Logo: FSRA (CNW Group / Ontario Financial Services Regulatory Authority)

Logo: FSRA (CNW Group / Ontario Financial Services Regulatory Authority)

The FSRA is issuing a definitive approach guide that sets out how it will monitor compliance with the Mortgage Brokers Council’s Code of Conduct for the Mortgage Brokers Sector (Code). The FSRA takes into account compliance with the Code when assessing whether an individual or entity is eligible for licensing.

The Code contains simple and clear instructions on how to conduct mortgage brokerage that protects the interests of consumers. It does this by reminding licensees:

  • Provide goods and services suitable for each client;

  • Provide services in a transparent and efficient manner; and

  • Comply with all applicable laws and regulations.

Consumers can also use the Code to inquire about their rights when interacting with the licensee.

The approach guidance received support from a recent FSRA consultation and did not require significant changes. It takes effect August 5, 2021

The Council of Mortgage Brokers Regulators of Canada has consulted with the Canadian mortgage broker industry and the public to develop the Code. The FSRA would like to thank the Canadian mortgage professionals, the Canadian Mortgage Brokers Association, the industry and the public for their contributions to this important initiative.

Learn more: FSRA continues to work with those we regulate to ensure financial security, fairness, and choice for consumers and members. Find out more at www.fsrao.ca

Resources:

SOURCE Financial Services Regulatory Authority Ontario

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View original content for media downloads: http://www.newswire.ca/en/releases/archive/August2021/05/c2734.html



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