The objective of re-licensing education is to increase industry awareness of the requirements under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and to improve compliance.
The Financial Services Commission of Ontario (FSCO) released a public consultation paper in December 2010 about mandatory re-licensing education for mortgage brokers and agents in Ontario. The paper entitled Mandatory Continuing Education for the Mortgage Broker Sector in Ontario: A Proposal for Consultation outlines how such a system of continuing education could operate. FSCO requested industry comments or suggestions by February 28, 2011.
Submissions received in response to this consultation paper are available through the links below.
FSCO has established a new requirement for mandatory re-licensing education.