Regulatory Compliance
Helping Private Lenders Understand Regulatory Compliance
Do you needed to be registered under the Mortgage Brokers Act (soon to be the Mortgage Services Act)? If so, how does that effect you? Are you navigating issues related to compliance? If these are questions you’re asking yourself, we’re here to help.
Our Experience
Our principals have 30+ years of experience understanding and working within the policies established by:
BC Financial Services Authority (BCFSA)
Mortgage Broker Act & Regulations
Business Practices & Consumer Protection Act
What is the BC Financial Services Authority (BCFSA)?
Formerly known as the Financial Institutions Commission (FICOM), the BCFSA is a regulatory body that oversees and regulates the financial services industry.
The BCFSA’s goal is to protect consumers and promote a fair, stable, and competitive financial services market. This means that they make and enforce rules to ensure that BC financial companies operate in a safe and responsible manner.
Understanding how to work within the regulations established by the BCFSA is critical to ensuring your private lending venture is fully compliant.
What is the Mortgage Brokers Act?
BC’s Mortgage Brokers Act is a piece of legislation that sets the rules and regulations for mortgage brokers operating in the province. It defines the standards that mortgage brokers must meet when helping people get a mortgage loan.
The act is designed to protect consumers by ensuring that mortgage brokers provide them with accurate information and act in their best interests.
Compliance Support
Have you found yourself running into a compliance issue? We’ll provide you with expert advice on how to navigate through it, so that you can focus on providing your clients with excellent lending or broker services.