Ontario’s financial services regulator announced last week that it has revoked the licences of 29 mortgage brokerages for failing to meet key regulatory requirements.
The regulator says the brokerages in question either did not appoint a principal broker, failed to file their 2021 Annual Information Return (AIR), or failed to do both.
Licenses are first suspended by FSRA if a brokerage fails to comply, but the regulator can go further when the situation is not remedied.
“It’s unfortunate that FSRA must take the step of revoking licences,” Wendy Horrobin, FSRA’s head of licensing and risk assessment, said in a statement. “However, we are confident that brokerages have been afforded multiple opportunities to comply, without ever providing a response.”
All licensed Ontario mortgage brokerages and administrators must file the Annual…
