Mortgage brokers could be visited by undercover investigators following an operation by investment regulators in Ontario. The province’s three regulators of the investment markets visited financial advisors over a 6 month period in 2014 and have reported their findings. The ‘mystery shoppers’ posing as investors visited and assessed dozens of advisors and reported back on factors such as the quality of the advice given, whether the process was followed and if advisors were upfront about their compensation. No serious misconduct was uncovered although there were some concerns over procedures and lack of information about compensation. While mortgage brokers were not the target of this operation it’s possible that regulators such as FCSO and FICOM considered similar tactics. 

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