FSRA publishes final guidance on enhanced education standards for the mortgage brokering sector
The Financial Services Regulatory Authority of Ontario (FSRA) will adopt new standards for approving licensing courses in the mortgage brokering sector to enhance consumer protection.
FSRA is releasing final Interpretation and Approach guidance on adopting the Mortgage Broker Regulators’ Council of Canada’s Education and Accreditation Standards.
FSRA’s use of the Accreditation Standards:
- promotes professionalism, strengthens consumer protection, and enhances public confidence in the mortgage brokering sector in Ontario
- ensures licensing courses provided by different course providers meet minimum standards of quality required for approval
The Guidance did not require substantive changes following FSRA’s consultation. It came into effect on November 1, 2021.
FSRA and the Ministry of Finance, in consultation with the industry, are working collaboratively to implement recommendations from the 2019 report on the government’s review of the MBLAA.
- Accreditation of Licensing Courses for the Mortgage Brokering Sector final guidance
- Summary of stakeholder feedback
- FSRA releases final guidance confirming the exemption of certain businesses from holding a mortgage brokerage licence
- Consultation on New Mortgage Agent and Broker Licensing Requirements
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.