Consultation on proposed guidance: Use of team names in the mortgage brokering sector

Ontario’s financial services regulator (FSRA) is currently seeking feedback on proposed guidance which outlines the conditions under which team names can be used by mortgage agents and brokers in advertising. This proposed guidance is part of FSRA’s ongoing efforts to ensure clarity and accountability in the mortgage brokering sector.

FSRA’s proposed guidance will clarify that all advertising by a team must clearly display the name and licence number of the authorizing brokerage to reduce the risk of potential consumer confusion regarding brokerage identity and accountability. The consultation aims to determine if and how team names can be used while maintaining transparency and compliance.

FSRA is inviting stakeholders to provide their input on the proposed guidance to ensure that advertising practices are clear and fair for consumers.

Questions for Stakeholders

1. On a scale of 1 to 5, how likely will the new guidance on team names lessen client confusion? (1 = not likely, 5 = very likely)
2. On a scale of 1 to 5, how likely will the new guidance on team names ensure the brokerage remains accountable for the team's conduct? (1 = not likely, 5 = very likely)
3. In your opinion, how can these requirements be strengthened to achieve these outcomes?
4. On a scale of 1 to 5, how likely would the use of team names reduce the effectiveness of a brokerage? (1 = not likely, 5 = very likely)
5. On a scale of 1 to 5, how likely would the use of team names reduce the effectiveness of the principal broker supervising those teams? (1 = not likely, 5 = very likely)
6. In your opinion, what could be done to improve the effectiveness of team names?

The consultation period is now open and will close on February 22, 2025.

Learn more:

• Proposed Guidance: Use of team names in the mortgage brokering sector

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

Learn more at www.fsrao.ca.