FAQs on Surrendering a Mortgage Broker or Agent Licence

1. Why do I need to complete an application to surrender my mortgage broker or agent licence?

 
If you are a licensed mortgage broker or agent in Ontario, and no longer wish to conduct mortgage brokering business, please complete the Application for the Surrender of a Mortgage Broker or Agent Licence.
 
It is important to complete this form, as it:
 
  • Notifies the Superintendent of Financial Services of your intention to surrender your mortgage broker or agent licence;
  • Will end your obligation to maintain certain mortgage broker or agent licence requirements (i.e. continuing education); and
  • Ensures that you have properly exited the mortgage brokering business.

2. Where can I get the Application for the Surrender of a Mortgage Broker or Agent Licence?

 
To get a copy of the Application for the Surrender of a Mortgage Broker or Agent Licence, please visit FSCO’s Mortgage Brokering Forms web page. This form is available in both English and French, and may be downloaded and filled out electronically.

3. What is the process for surrendering my mortgage broker or agent licence?

 
To surrender your mortgage broker or agent licence, please follow the steps below:
 
  • Go to FSCO's Mortgage Brokering Forms web page and select the Application for the Surrender of a Mortgage Broker or Agent Licence.  
  • Complete the application electronically.
  • Send your completed application to FSCO by e-mail at contactcentre@fsco.gov.on.ca, send a fax to (416) 226-7838, or mail your application to address below:

    Attn: Licensing Branch
    Financial Services Commission of Ontario
    5160 Yonge Street, 16th Floor
    Toronto ON  M2N 6L9
Make sure you maintain all mortgage broker or agent licensing requirements until you receive notice that the Superintendent has accepted your licence surrender.

4. What factors will FSCO consider when it reviews my Application for the Surrender of a Mortgage Broker or Agent Licence?

 
The Superintendent will allow the surrender of a mortgage broker or agent licence unless the Superintendent believes that the surrender of the licence is not in the public interest. Factors that the Superintendent will consider include:  
 
  • Are there any current disciplinary actions, outstanding complaints or investigations underway?
  • Do you need to pay any administrative monetary penalties (AMPs) to FSCO?
  • Have you notified your clients that you are planning to exit the mortgage brokering business?
  • Have you made arrangements that will ensure your clients continue to receive mortgage brokering services?
The Superintendent may, in some instances, propose allowing the surrender, but impose conditions. If you disagree with those conditions, you will have an opportunity to request a hearing before the Financial Services Tribunal [New Window] who will make the final decision.
 

 
Follow FSCO on social media  

Outage  Scheduled Online Service Disruption Notice
Please consult our outage schedule for more details.