FSRA seeks feedback on enhanced education standards guidance for the mortgage brokering sector
The Financial Services Regulatory Authority of Ontario (FSRA) is enhancing consumer protection by proposing new standards for approving licensing courses in the mortgage brokering sector.
FSRA is now consulting on proposed guidance on adopting the Mortgage Broker Regulators’ Council of Canada’s Education and Accreditation Standards. The new standards promote a base level of education quality among course providers to foster professionalism, strengthen consumer protection and enhance confidence in the mortgage brokering sector.
This proposed guidance provides FSRA’s Interpretation of an approved education program required to obtain a licence under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). It also provides FSRA’s proposed Approach for approving licensing courses.
To review the proposed guidance and submit your feedback, please visit FSRA’s website. The consultation period is now open and will close on September 7, 2021.
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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.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.