top of page
code of conduct

CODE OF CONDUCT

Mortgage Broker Regulators' Council of Canada (MBRCC)
Code of Conduct for the Mortgage Brokering Sector

The MBRCC is a forum for Canadian mortgage broker regulators to collaborate and promote regulatory consistency to serve the public interest. The MBRCC developed this plain-language Code of Conduct (Code) to promote high standards of conduct to protect consumers of the mortgage brokering services.

​

The ten principles in the Code outline professional behaviour and conduct expectations that Canadians should expect when working with mortgage brokers. Mortgage brokers should conduct their business following these common principles while ensuring compliance with all applicable laws, regulations, rules or regulatory codes within their respective jurisdiction. Any stricter or more specific requirements, rules or standards of conduct take priority over the Code.

 

Beyond professional conduct expectations, the MBRCC supports a vibrant and inclusive working environment, where industry representatives do not discriminate or participate in discrimination against any person or entity and where they are not subject to discrimination.

The common principles for conduct in the Canadian mortgage brokering sector are:

mortgage
compliance

Compliance/Outcomes: 
Regulated persons and entities must comply with legislative and regulatory requirements. They should take reasonable steps to ensure their staff and third-party partners also comply. Their conduct should embody the principles included in this Code.

accountability

Accountability: 
Regulated persons and entities must act in a responsible/accountable manner. They must exercise care, due diligence and sound judgement in providing products and services.

settings

Honesty:

Regulated persons and entities must conduct their activities in a truthful, clear and transparent manner. They must not mislead, hide or obscure material information.

settings

Competence:

Regulated persons must have and maintain the skills, knowledge and aptitudes necessary for their business activities. They should decline to act when they are unable to provide products/services in accordance with this Code.

suitability

Suitability:

Regulated persons and entities must take reasonable steps to present products/services that are suitable for their client(s). They must have a sound understanding of how the products/services match the disclosed circumstances of their client(s).

lock

Security and Confidentiality:

Regulated persons and entities must protect their clients’ information. They must use and disclose it only for purposes for which the client has given consent or as compelled by law.

bottom of page