Under its Mortgage Broker Conflict of Interest Guidelines, FICOM is trying to force networks to disclose all bonuses. But does the regulator have that power? The answer, at least concerning some of the networks, is no.
“I think what we’ve seen with FICOM is they, from time to time, overreached and you have to remember that FICOM or any regulator can only regulate those who they regulate,” Dave Teixeira, VP of marketing, public relations and communications, told MortgageBrokerNews.ca. “
And, in certain cases, they would not be able to regulate the networks because the members are not actually (licensed) brokerages.”
Justin da Rosa – Mortgage Broker News – December 1, 2016.