Mortgage brokers are being asked to give their feedback on a proposed guideline from the Financial Services Commission of Ontario.
The FSCO’s Treating Financial Services Consumers Fairly Guideline applies to mortgage brokering along with insurance, credit union/caisse populaire, and loan and trust sectors.
Its aim is to ensure consumers’ interests are put first and that they are given the information and time to make the most informed financial decisions possible.
The regulator is intending to introduce the guideline later this year and wants to hear from interested parties by May 8.
"The financial services sector touches the lives of all Ontarians. FSCO already expects that its licensees are treating consumers fairly; in fact, some are doing great work in this regard,” said Anatol Monid, Executive Director, Licensing and Market Conduct Division, FSCO.
“This guideline provides a common understanding about what it means to treat consumers fairly throughout a financial product's life cycle. That's good for consumers and good for business," he added.
You can give your views by emailing firstname.lastname@example.org