Consumer Guide 2015 mbabc.ca | 21
scope and sophistication during the past 15
years amid an unprecedented real estate
boom, historically low interest rates and
entirely new types of mortgages.
"We were starting to see a real gap
as brokers' market share began to
accelerate," says Regan-Pollock. "The
original one-and-done license was
probably fine in the old days when a
mortgage was simply a means to an end,
a way of paying off real estate over 25
years. But suddenly there was growing
sophistication of financial instruments
and increasing responsibility in the
mortgage broker's role of explaining these
instruments to customers."
Regan-Pollock says consumer complaints
started to come into the association at that
time, not necessarily about market conduct,
but about the perplexity and lack of clarity
surrounding mortgage terms, fees
and penalties.
"We needed to ensure that mortgage
brokers were operating to the highest
professional level in the interests of the
public trust," says Regan-Pollock. "We
needed to ensure a minimum standard was
being met to protect the public."
And so, every two years, B.C. mortgage
brokers must participate in two courses and
a mandatory regulatory update from FICOM.
"All 3,200 mortgage brokers in the
province take these courses," explains
Regan-Pollock. "We sit down with FICOM to
review their concerns and ours and set up
an action plan on where we need to focus
our efforts in continuing education."
Upholding the public trust
B.C.'s mortgage brokering industry
is taking a more active role than ever
in its own professional development.
Education, training, and licensing/re-
licensing are all key components in that
development, and essential in earning and
maintaining consumer confidence. But
perhaps most indicative of the industry's
newfound maturity as a significant player
⊲ The mortgage brokering industry in B.C. is regulated
by the Registrar of Mortgage Brokers, at the Financial
Institutions Commission of British Columbia.
⊲ For the 7th consecutive year Canada's banking system
has been ranked no. 1 by the World Economic Forum for the
most sound banking system in the world (Canadian Bankers
Association www.cba.ca).
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