The alert follows allegations of possible mortgage fraud
New guideline applies to four Ontario-regulated sectors
Ontario regulator issues warning to consumers
Court appoints FAAN Mortgage as trustee to oversee mortgage administrator BDMC
Treating consumers fairly means putting the interests of consumers first, Ontario regulator says
Four firms fined, several individual mortgage brokers’ licenses revoked
The regulator will begin sending out questionnaires to some advisors who are deemed to be higher risk to determine if they need a more in-depth compliance review
For the most part, this demographic is not familiar with critical components of their policies, such as “rescission rights” and “coinsurance”
The sanctions show that the province's regulatory system is protecting the public interest, Ontario finance minister says
In part, this was because the insurance regulator focused its compliance examinations in the latest year on agents with a high or medium risk of non-compliance