Now, more than ever, it’s important to stay on top of client suitability, fraud prevention, and compliance with industry legislation and regulations. We’ve faced a lot of changes this year from both FSRA and the Ministry of Finance. CMBA Ontario can help!
The updated CMBA Policies & Procedures Manual has been designed to provide brokerages with the basic requirements for a policy and procedure manual. The manual includes Form Templates that are designed to assist in the day-to-day operations of the Brokerage. We’ve also included guidelines regarding client suitability, employee relations, and fraud awareness and prevention which may help protect your Brokerage from financial or corporate abuse.
DON’T DELAY – purchase a copy for your brokerage today! Manuals are customized with the Brokerage’s name, licence number and logo – making it truly yours. The final document is provided electronically in PDF format.
NOTE: If your manual is a few years old, or hasn’t been reviewed this past year, FSRA will not find that acceptable*. It is mandatory for a brokerage to have and implement an up-to-date Policies & Procedures manual (see Ont. Regulation 410/07 s.3). While the CMBA Ontario P&P covers the basics, brokerages should update their manual regularly and ensure that its contents meet their specific needs and practices. Your AIR also specifically asks if you reviewed your P&P during the reporting period and you have to identify when they were last updated. Let us take that worry off your shoulders.
Your company logo may be sent to us at firstname.lastname@example.org for inclusion on your manual. You will receive revisions or deletions to your manual if and when regulatory changes occur, as all our current buyers did this month.
*FSRA conducts audits and reviews of the operations of Brokerages to ensure compliance with the Act, including a review of the Brokerage’s Policies & Procedures Manual. Failure by a Brokerage to comply with the requirement to maintain a Policies & Procedures Manual can result in FSCO applying administrative penalties of up to $1,000.00 against the Brokerage.
The Independent Mortgage Brokers Association of Ontario operating as Canadian Mortgage Brokers Association –Ontario has created the Policies and Procedures Manual (the manual) for the purchaser’s convenience. The manual does not and can not take into account the specific circumstances or needs of the purchaser because of the wide variety of practices of individual brokerages. Consequently, the information the manual contains is general in nature and does not constitute financial, legal or other professional advice. The manual should not be used or relied upon as a substitute for the user’s responsibility to ensure compliance with all legal and regulatory requirements. Brokerages must update and supplement the manual at their own cost and effort to ensure that it is current and meets all regulatory and legal requirements as well as their specific needs. CMBA Ontario reserves the right to supplement the manual solely at its discretion. CMBA Ontario makes no representations or warranties regarding the manual, express or implied, and in particular disclaims any representations or warranties regarding the completeness, currency, accuracy, merchantability, non-infringement and/or fitness of any particular purpose of the manual. CMBA Ontario has no liability under any theory of liability (including in contract or tort or negligence) for use or misuse of the manual including any transaction, or penalty howsoever levied, including any penalty levied by the Financial Regulatory Services Authority of Ontario. The Manual is not to be shared or distributed outside of the brokerage that it has been issued to.
Please note: the Manual will be sent via email in PDF format