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Mortgage Broker News | 18 Dec 2012, 09:00 AM Agree 0
That review of B.C.’s broker legislation includes a look at whether mortgage specialists should be rolled into the regs, effectively holding their feet to the fire alongside channel competitors.
  • Rick Lunny | 20 Dec 2012, 08:14 AM Agree 0
    All very interesting that BC legislators are considering regulating bank mortgage road reps. However they have no power to do so. As bank road reps are bank employees they are federally, not provincially, regulated. The provinces have no power over the banks and the banks have traditionally fought hard whenever a province attempted to undermine this authority. Unless OSFI, the national bank regulator, takes a view any provincial legislation will be toothless and meaningless.
  • Gord McCallum | 20 Dec 2012, 08:59 AM Agree 0
    I'm of two minds on this and I think it requires careful consideration of what the likely outcomes and possible unforeseen outcomes might be...

    On one hand, this may create a more level playing field and make it harder for the bank specialists to do what they do...on the other hand we just may kick the hornet's nest and destroy one of the key differentiations that our channel has - the fact that we're independently licensed and have access to multiple lenders.

    Careful what we ask for...
  • An Insider | 22 Dec 2012, 10:00 AM Agree 0
    Agree with Gord's comments. Additionally do you want the Banks creating these large brokerages with a lot more money to throw towards their internal staff. Name an independent that can match them dollar for dollar
  • An Insider | 22 Dec 2012, 10:02 AM Agree 0
    Rick, I thought on the wealth side there was some provincial regulations regarding bank employees. I may be wrong, not an expert there.
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