As one regulatory agency steps in to replace another in Ontario, can brokers expect any material changes?
Karen Matthey - Co-Owner and mortgage agent - The Mortgage Professionals
“I hope, perhaps naïvely, that FSRA is a regulator with more teeth than FSCO. FSRA’s proposal for the mortgage broker sector states that expenses to regulate
the sector will significantly outweigh licensing fees received. It appears they intend to increase licensing fees to offset this deficit in subsequent years. I would like to see greater penalties and fines levied on those found to be in breach of the regulations rather than increased licensing fees across the board. I’d also like to see greater enforcement of suspensions and bans for those guilty of serious infractions.”
Anthony Contento - President and CEO- Sherwood Mortgage Group
It’s too early to say whether the FSRA will adequately replace the FSCO; however, the new body can certainly learn from its mistakes. As a self-funded regulator, FSRA has the autonomy to move swiftly. Public consultation and advice gathered from agents and brokers are crucial to any significant changes. An open line of communication with brokers will help reinforce FSRA’s role as a regulator and send a message to the public of its interest in improving the status quo.”
Shawn Allen - Principal owner - Matrix Mortgage Global
Good governance is the standard by which FSRA’s value will be judged. The framework of its organizational structure must differ from that of old regimes, or we will be left with similar outcomes. As in a court of law, this industry must be held accountable for its actions by its peers. FSRA seeks to provide this accountability, coupled with the binding authority providing for swift action should a violation of the code of conduct be proven. Change is the only constant; time will tell if this is the change that is required.”