FSRA Promotes Safety and Fairness in the Mortgage Brokering Sector
The Financial Services Regulatory Authority of Ontario (FSRA) has identified four areas in the mortgage brokering sector where consumers are most susceptible to financial harm:
- inappropriate alternative lending practices
- consumers making uninformed investment decisions
- agents, brokers and administrators not treating consumers fairly
- licensees not understanding compliance requirements
To protect consumers and set clear expectations for industry, FSRA will enhance its supervision of mortgage brokerage and administrator conduct in the following areas: lending activities, information disclosure practices and supervision approaches of agents and brokers. FSRA will also clearly articulate our compliance expectations to licensees. For more information, see this Q&A.
FSRA protects consumers in the mortgage brokering sector by overseeing the conduct of over 15,000 licensed agents, brokers, brokerages and administrators.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more www.fsrao.ca.