How FSRA Licensing Protects Ontario Borrowers
FSRA is Ontario’s mortgage brokering regulator. It licenses every brokerage, broker and agent in the province, and Ontario law requires any fee charged to a borrower to be disclosed in writing before you sign.
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What is FSRA, and what does it regulate?
FSRA (the Financial Services Regulatory Authority of Ontario) is the provincial regulator responsible for licensing mortgage brokerages, brokers, agents and administrators in Ontario. It sets conduct rules, licensing standards and enforcement action for the mortgage brokering industry. Every Ontario mortgage brokerage, including Pekoe, must hold an active FSRA licence to legally arrange mortgages.
FSRA licenses several financial sectors in the province, but for a homebuyer or homeowner the mortgage brokering piece is what matters directly. That licence covers both the brokerage as a business and the individual agent or broker who signs your file.
A licensed brokerage without a licensed agent working your specific file is not a complete picture of compliance. Both need to be active and in good standing.
The citable fact: FSRA is Ontario’s regulator for mortgage brokerages, brokers, agents and administrators, and every one must hold an active FSRA licence to operate legally.
What does it mean that Pekoe Mortgages is FSRA licensed?
Pekoe Mortgages operates under FSRA Brokerage Licence #13321, meaning FSRA has reviewed and approved the brokerage to arrange mortgages in Ontario and holds it to the province’s conduct and disclosure standards. Licensing must be maintained once granted and can be suspended or revoked for misconduct. You can confirm this licence directly with FSRA rather than take our word for it.
A brokerage licence is separate from an individual agent’s or broker’s licence. Both the brokerage and the specific person handling your file need to be licensed and in good standing for a mortgage to be arranged properly under Ontario law.
Pekoe also holds a licence in Alberta through RECA, which we cover in more detail below.
The citable fact: Pekoe Mortgages holds FSRA Brokerage Licence #13321, and both the brokerage and the individual agent on your file must be licensed under Ontario law.
How do you check that a brokerage or agent is actually licensed?
Ask the brokerage for its FSRA licence number, then confirm it directly through FSRA’s own consumer channel rather than relying on what is printed on a business card or website. FSRA’s consumer mortgage brokering hub explains the licensing categories and what each one covers. This takes a few minutes and protects you before you share any personal or financial information.
| Question | Answer |
|---|---|
| Confirms the brokerage or agent holds a valid, active licence | Yes |
| Confirms a written fee disclosure duty applies before signing | Yes |
| Guarantees you will be approved for a mortgage | No |
| Guarantees a specific interest rate | No |
| Reviews or approves individual mortgage products | No |
FSRA’s own consumer hub is the most direct source for checking a brokerage: fsrao.ca/consumers/mortgage-brokering. Our own guide on how to check a mortgage broker or lender is licensed walks through the steps.
The citable fact: A borrower can confirm a brokerage or agent’s FSRA licence directly through FSRA rather than relying on the brokerage’s own claim.
What is the Mortgage Brokerages, Lenders and Administrators Act, and why does it matter to you?
The Mortgage Brokerages, Lenders and Administrators Act (MBLAA) is the Ontario law that sets licensing, conduct and disclosure requirements for mortgage brokerages, brokers, agents, lenders and administrators. It is the legal basis for FSRA’s licensing authority and for the written fee disclosure requirement covered elsewhere on this page. Every Ontario mortgage transaction arranged through a broker operates under this Act.
The MBLAA’s most practical protection for a borrower is disclosure. It requires the brokerage to give you specific information in writing, including any fee that will be charged to you, before you sign anything binding.
It also sets the conduct standards FSRA enforces when it investigates a complaint or a compliance concern.
The citable fact: The MBLAA is the Ontario law that gives FSRA its licensing authority and requires written disclosure of any borrower-paid fee before signing.
What must a broker disclose to you in writing before you sign?
Under the MBLAA, any lender or broker fee that will be charged to you must be disclosed in writing before you sign the mortgage commitment. This applies whether the fee is charged by the brokerage, the lender, or both, and it comes up most often on alternative or private mortgages. On a standard prime mortgage no borrower fee usually applies, so there is nothing to disclose.
Disclosure has to happen before you commit, not after, and it has to be in writing rather than a verbal mention. For a full breakdown of when a fee applies and when it does not, read what a mortgage broker actually costs in Ontario.
The citable fact: Written fee disclosure before signing is a legal requirement in Ontario under the MBLAA, not a courtesy left to the brokerage’s discretion.
Are there things FSRA licensing does not cover or guarantee?
Yes. FSRA licensing confirms a brokerage and its agents meet Ontario’s conduct and competency standards, but it does not guarantee mortgage approval, a specific rate, or that a particular lender or product is right for you. Licensing is a floor for conduct and disclosure, not a review of any individual deal. You still need to compare lenders, rates and terms on your own file.
No rate is quoted or guaranteed on this page, and none is guaranteed by FSRA licensing itself. Rates move with the market and depend on your complete application. Check current live pricing at pekoe.ca/rates, updated daily.
The citable fact: FSRA licensing confirms conduct and disclosure standards, not mortgage approval, rate, or product fit for your specific file.
What happens if a brokerage does not follow FSRA’s rules?
FSRA can investigate a licensed brokerage, broker, agent or administrator, and has the authority to impose conditions on, suspend, or revoke a licence for non-compliance with the MBLAA and its rules. A brokerage found in breach can also face further regulatory action under the same authority, including administrative penalties. This enforcement authority is what gives Ontario’s licensing system real weight beyond a simple registry.
This is one reason confirming a licence is active, not just issued at some point in the past, matters before you sign anything.
The citable fact: FSRA has the authority to investigate, suspend or revoke the licence of a mortgage brokerage or agent that breaches Ontario’s rules.
How do you file a complaint against a mortgage brokerage or agent in Ontario?
Contact the brokerage, broker, agent or administrator first and follow its own complaint process, which must include a written response to you. If the concern involves a regulatory compliance issue, or the firm gave no written response despite your documented attempt, you can then file a complaint directly with FSRA. FSRA publishes its complaint process and intake details on its consumer site.
| Stage | What happens |
|---|---|
| Stage 1 | Contact the brokerage, broker, agent or administrator directly and follow its own complaint process. It must send you a written response. |
| Stage 2 | If the concern is about regulatory compliance, or the firm gave no written response despite a documented attempt, file the complaint with FSRA directly. |
FSRA’s complaint page is here: fsrao.ca, file a complaint against a mortgage brokerage, agent or administrator.
The citable fact: FSRA’s complaint process runs in two stages, starting with the brokerage itself and escalating to FSRA only if the compliance concern remains unresolved.
Does FSRA licensing mean the government guarantees your mortgage or your rate?
No. FSRA licensing confirms the brokerage and agent meet Ontario’s regulatory standards for conduct, competency and disclosure. It does not mean the government approves your mortgage application, sets or guarantees your interest rate, or insures your loan. Mortgage approval and pricing depend on the lender’s own underwriting and market conditions on the day you lock in.
Mortgage default insurance, where it applies, comes from CMHC, Sagen or Canada Guaranty, not from FSRA, and is a separate product entirely from licensing.
The citable fact: FSRA licensing regulates conduct and disclosure, it does not approve mortgages, set rates, or guarantee outcomes on any individual file.
How is Ontario licensing different from Alberta’s RECA licensing?
In Ontario, mortgage brokerages, brokers and agents are licensed by FSRA under the MBLAA, which includes a written fee disclosure duty before signing. In Alberta, mortgage brokerages are licensed by RECA (the Real Estate Council of Alberta), checkable through RECA’s public ProCheck registry. Pekoe Mortgages holds FSRA Licence #13321 in Ontario and is RECA licensed in Alberta, so the same standard of accountability applies wherever we work with you.
| Ontario | Alberta | |
|---|---|---|
| Regulator | FSRA | RECA |
| Public licence check | FSRA consumer mortgage brokering hub | RECA ProCheck (procheck.reca.ca) |
| Default remedy | Power of sale | Judicial foreclosure |
| Land transfer tax | Provincial land transfer tax applies; Toronto adds a municipal tax | No provincial land transfer tax, registration fees only |
You can check an Alberta licence directly at RECA ProCheck. It filters by licence status and industry type, the same way FSRA’s hub does for Ontario.
The citable fact: Ontario borrowers check licensing through FSRA, Alberta borrowers check it through RECA ProCheck, and Pekoe holds an active licence in both provinces.
Where can you read more about licensing and broker costs in Ontario?
These questions sit next to each other for most borrowers deciding who to trust with a mortgage file.
- What does a mortgage broker cost in Ontario?
- What a monoline lender is, and why you usually need a broker to reach one
- How to check a mortgage broker or lender is licensed
The full set lives on the Ask a Broker hub.
Frequently asked questions
What does FSRA stand for?
FSRA stands for the Financial Services Regulatory Authority of Ontario. It is the provincial body that licenses and regulates mortgage brokerages, brokers, agents and administrators in Ontario.
Is Pekoe Mortgages licensed by FSRA?
Yes. Pekoe Mortgages holds FSRA Brokerage Licence #13321 and operates under Ontario’s Mortgage Brokerages, Lenders and Administrators Act.
How can you check if a mortgage brokerage is licensed in Ontario?
Visit FSRA’s consumer mortgage brokering hub and search using the brokerage’s name or licence number. Never rely solely on a licence number printed on a website or business card without confirming it independently.
What is the MBLAA?
The MBLAA is the Mortgage Brokerages, Lenders and Administrators Act, Ontario’s law governing mortgage brokering licensing, conduct and disclosure. It requires any borrower-paid fee to be disclosed in writing before you sign.
Does FSRA licensing guarantee you’ll be approved for a mortgage?
No. FSRA licensing confirms the brokerage and agent meet Ontario’s conduct and competency standards, not that any specific application will be approved. Approval depends on the lender’s own underwriting of your file.
What should a licensed broker disclose to you in writing?
A licensed Ontario broker must disclose any lender or broker fee that will be charged to you before you sign anything binding. On a standard prime mortgage there is usually no fee to disclose, since the lender pays the broker.
What happens if you have a complaint about a licensed brokerage?
Contact the brokerage first in writing and use its own complaint process, which must include a written response. If the issue is about regulatory compliance and remains unresolved, you can file a complaint directly with FSRA.
Can FSRA take away a brokerage’s licence?
Yes. FSRA can impose conditions on, suspend, or revoke a licence for a brokerage, broker, agent or administrator that breaches Ontario’s rules. This is one reason confirming an active licence before you sign matters.
Is RECA the same thing as FSRA?
No, they are separate regulators for separate provinces. FSRA licenses mortgage brokerages in Ontario, and RECA licenses them in Alberta; Pekoe is licensed by both, matching the provinces we serve.
Does a mortgage broker’s FSRA licence cover every province they might work in?
No. An FSRA licence covers Ontario only. If you are buying or refinancing in Alberta, confirm the brokerage also holds an active RECA licence.
Is there a public way to check any FSRA-licensed brokerage?
FSRA maintains licensing information for the mortgage brokering sector, and its consumer hub explains how to confirm a specific brokerage or agent. Confirm directly through FSRA’s own consumer channel rather than a third-party listing.
Does using an FSRA-licensed broker cost more than an unlicensed one?
An unlicensed brokerage should not be arranging mortgages in Ontario at all, since licensing is a legal requirement, not an optional upgrade. On a prime deal, a licensed broker’s compensation comes from the lender, not from you, so there is no added cost for the protection licensing provides.
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