bankaccountable
38 | spring 2017 cmba-achc.ca CmB magazine
The mortgage broker industry has long taken issue with the lack of a level playing field
between themselves and bank reps who seem to operate completely beyond the scope
of any conduct rules. The primary objection to new rules (such as fee disclosure in B.C.)
imposed upon mortgage brokers by their provincial licensing regulators, is that the same
or similar rules are not imposed upon persons who engage in almost identical sales and
mortgage arranging activity within financial institutions.
However, the Financial Consumer Agency, which is the federal government's market
conduct regulator for banks, has recently announced a new Supervision Framework. This
new framework takes a risk-based approach to supervision, which will impose market
conduct obligations on banks, and seek to curb breaches of those conduct obligations.
In the pages to come, business and finance lawyers Dawn Jetten and Nicole McDonald
describe this new framework.
Samantha Gale
CmBa executive Director
Financial
consumer
agency
oF canada
Publishes
New
SuperviSioN
Framework
