FSCO continues to crack down on unlicensed individuals

by |
One financial services commission has issued a statement warning consumers about an unlicensed individual soliciting mortgages in a major real estate market.

FSCO is warning about an unlicensed entity that goes by the name of “2 Mortgages” and has been placing posters in the Brampton area of the GTA soliciting mortgages. The posters tell customers to contact them about “Home equity loans, bad good credit.”

“Consumers should exercise caution if they are contacted by anyone from these coordinates,” an official release from FSCO states. “If consumers arrange a mortgage from a mortgage brokerage, broker or agent that is not licensed in the province, they are not protected under the Mortgage Brokerages, Lenders and Administrators Act, 2006, which holds Ontario's mortgage brokerages, administrators, brokers and agents to specific standards.”
  • Victor Simone on 2015-01-16 3:05:36 PM


    I wonder how effective that is as opposed to say, criminal charges.

  • Angela Wong-Liao - Invis on 2015-01-18 5:14:43 PM

    I believe it is also our responsibility to assist FSCO to monitor these unlicensed mortgage brokerage because it is our industry and our reputation can be affected if these unlicensed mortgage brokerages scam money from public.

    As a rule of thumb, I usually posted the names of the unlicensed brokerage warning from FSCO on my facebook page and hopefully my action can facilitate FSCO warning the public.

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions