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.
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.
Rob McLister, CMT