It looks like Ontario is joining Alberta and BC in making mandatory continuing education a mortgage broker requirement.
The Financial Services Commission of Ontario (FSCO) has this proposal out for public comment until February 28.
FSCO says its audits of brokers “provide objective evidence that there is a need for mandatory CE.” Here’s a good summary from Investment Executive (IE) with details on that.
IE says FSCO’s proposed CE program will:
Be available via the Internet (Thank you FSCO!)
Address consumer protection rules and not professional development (like sales and marketing)
Be harmonized with BC and Alberta (This is absolutely fantastic insomuch as it facilitates inter-provincial licensing and competition—a benefit to consumers in the Internet era. God willing, all provinces [Quebec understandably excluded] will adopt harmonized licensing.)
Despite the minor hassle every few years, CE requirements benefit all of us. They keep consumers’ interests top-of-mind and foster a stronger reputation for our industry as a whole.
Sidebar: You can tell FSCO what you think about this proposal by emailing MBCE@fsco.gov.on.ca (Include "CE Consultation for the Mortgage Broker Sector" in your e-mail’s subject line.) More info…