FSRA focuses on the fair treatment of consumers with new mortgage brokering Supervision Plan Français

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Financial Services Regulatory Authority of Ontario

Sep 25, 2024, 10:46 ET

TORONTO, Sept. 25, 2024 /CNW/ - Ontario's financial services regulator, FSRA, is releasing its annual Mortgage Brokering Supervision Plan to ensure the mortgage brokering sector continues to protect consumers.

"As economic conditions remain uncertain, it's critical for mortgage professionals to understand their responsibilities," said Antoinette Leung, Head, Financial Institutions and Mortgage Brokerage Conduct.

"Our Plan maintains our priorities from last year to ensure the mortgage sector is following the rules, giving sound advice to consumers and safely handling their investments."

The 2024-2025 Plan maintains our areas of supervision focus from last year given that the top consumer protection risks have not changed. Risks in mortgage investments remain elevated and private mortgages continue to be a supervision priority, especially as more consumers are turning to them.

As a result, the Plan has three focus areas to ensure that:

  • Brokerages and principal brokers have in place a strong conduct culture that supports fair treatment of consumers;
  • Consumers receive mortgage advice and products suitable for their individual needs and circumstances, especially with regard to private mortgages. This is crucial as the number of consumers turning to these more complex products continues to grow, as data from our first ever Private Lending Report shows;
  • Investors and lenders have confidence that mortgage administrators are appropriately handling and protecting investments in administrators' care.

The Plan will also help the sector better understand their responsibilities, and FSRA's expectations for conduct and compliance.

We urge mortgage professionals to closely read the Plan and all relevant Guidance and publications to stay informed about their regulatory responsibilities.

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.

For media inquiries:

Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario

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Financial Services Regulatory Authority of Ontario