FSRA seeks feedback on the conditions under which team names can be used by mortgage agents and brokers in advertising
TORONTO, Jan. 23, 2025 /CNW/ - 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.
"Our proposed guidance aims to ensure that consumers seeking a mortgage know exactly who they are dealing with and are not misled by deceptive or confusing information," said Huston Loke, Executive Vice President, Market Conduct, at FSRA. "Often, mortgage agents and brokers use team names within a brokerage to advertise their services. We expect these practices to be consistent, clear and transparent. It's crucial for FSRA to receive feedback on whether the proposed guidance will achieve the desired outcomes of providing clarity and accountability for consumers."
The consultation period is now open and will close on February 22, 2025.
Getting the public's input
FSRA is committed to making sure consumers and industry members understand this proposed Guidance. That's why we're asking the public to join us live online for an overview of the publication and an interactive Q&A session.
To review the proposed Guidance and submit your feedback, please visit FSRA's website. The consultation period is now open and will close on February 28, 2024.
Learn More
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.
Links
FOR MEDIA INQUIRIES:
Russ Courtney
Sr. Manager, Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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