Mortgage brokerage licences revoked

FSRA takes action against those who failed to comply with the law

Ontario’s financial services regulator, FSRA, is revoking the licences of 29 mortgage brokerages who did not appoint a principal broker and/or failed to file the 2021 Annual Information Return (AIR).

“It’s unfortunate that FSRA must take the step of revoking licenses,” said Wendy Horrobin, Head, Licensing and Risk Assessment.

“However, we are confident that brokerages have been afforded multiple opportunities to comply, without ever providing a response. A brokerage is not authorized to operate without a principal broker. Having a PB and filing the AIR are fundamental requirements that ensure the integrity and credibility of those operating in the sector. It is important that consumer confidence and protection be maintained at all times.”

FSRA made every effort to contact and advise these brokerages about potential enforcement action and followed up with them multiple times.

AIR filings are important because they help FSRA understand the market and identify trends that could lead to consumer risks.

Additionally, brokerages are required by law to have one principal broker at all times.

Principal brokers, brokers and agents cannot deal in mortgages in Ontario if their brokerage’s licence is revoked.

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

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