FSRA proposes new advertising guidelines for mortgage brokers

The Financial Services Regulatory Authority of Ontario (FSRA) is inviting public input on proposed guidelines aimed at clarifying how mortgage agents and brokers in Ontario can use team names in advertising. According to a news release, the proposed measures seek to enhance transparency and accountability within the mortgage brokering sector, ensuring that consumers can easily identify the licensed brokerage responsible for their service.

Under the proposed guidance, any advertising featuring team names must prominently display the authorizing brokerage’s name and license number. This requirement aims to minimize consumer confusion about the identity and accountability of the mortgage brokerage involved.

“Our proposed guidance aims to ensure that consumers seeking a mortgage know exactly who they are dealing with and are not misled by deceptive or confusing information,” said Huston Loke, executive vice president of market conduct at FSRA.

“Often, mortgage agents and brokers use team names within a brokerage to advertise their services. We expect these practices to be consistent, clear and transparent. It's crucial for FSRA to receive feedback on whether the proposed guidance will achieve the desired outcomes of providing clarity and accountability for consumers.”

The consultation period is open until February 22, 2025, and FSRA is encouraging stakeholders—including consumers and industry professionals—to provide their input. As part of its effort to engage the public, FSRA will host an online session, offering an overview of the proposed guidance and an interactive Q&A segment.

Those interested in reviewing the proposed guidelines or submitting feedback can visit FSRA’s website.

The news release noted that this initiative is part of FSRA’s broader commitment to ensuring fairness, safety, and informed choice for all stakeholders in Ontario’s financial services market.

Any thoughts on the latest update? Let us know in the comments below.