Our
Code of Conduct
Mortgage Broker Regulators' Council of Canada (MBRCC) Code of Conduct for the Mortgage Brokering Sector​
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The Mortgage Broker Regulators' Council of Canada (MBRCC) serves as a platform for Canadian mortgage broker regulators to collaborate, ensuring consistency in regulations and safeguarding public interest. To uphold high professional standards and protect consumers, the MBRCC has developed this plain-language Code of Conduct ("the Code").
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The Code is structured around ten fundamental principles that define the professional responsibilities and ethical conduct expected from mortgage brokers. Brokers are expected to adhere to these principles while ensuring full compliance with all relevant laws, regulations, and industry rules within their jurisdiction. If stricter or more detailed rules apply, those regulations will take precedence over this Code.
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In addition to professional conduct expectations, the MBRCC advocates for a diverse and inclusive work environment where individuals and organizations are treated fairly, free from discrimination. Mortgage industry professionals should neither engage in nor tolerate discriminatory practices.
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The key principles guiding ethical conduct within the Canadian mortgage brokering sector are as follows:
Compliance Standards and Expected Outcomes
Regulated individuals and organizations must adhere to all legislative and regulatory requirements. They should take reasonable measures to ensure their employees and third-party partners also maintain compliance. Their professional conduct should reflect the principles outlined in this Code.
Integrity and Transparency
Regulated individuals and organizations must conduct their activities with honesty, clarity, and transparency. They must not mislead, conceal, or obscure material information.
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Product and Service Suitability
Regulated individuals and organizations must take reasonable steps to ensure that the products and services they present are appropriate for their clients. They must have a thorough understanding of how these offerings align with their clients' disclosed needs and circumstances.
Conflict of Interest Management
Regulated individuals and organizations must recognize and disclose any actual, potential, or perceived conflicts of interest to the relevant parties in a transaction. They should have documented policies in place to manage such conflicts effectively.
Ethical Stewardship and Professionalism
Regulated individuals and organizations should operate with integrity, ethics, and respect. They should cultivate a culture of compliance and avoid conduct that could undermine public confidence in the mortgage brokering sector.
Responsibility and Accountability
Regulated individuals and organizations must act responsibly and be accountable for their actions. They must exercise care, due diligence, and sound judgment when providing products and services.
Knowledge and Professional Competence
Regulated individuals must possess and maintain the necessary skills, knowledge, and expertise for their professional activities. They should refrain from offering products or services if they cannot do so in accordance with this Code.
Disclosure and Transparency
Regulated individuals and organizations must provide full disclosure of material information to the relevant parties in a transaction. These disclosures should be meaningful, honest, and provided in a timely manner.
Client Information Security and Confidentiality
Regulated individuals and organizations must safeguard their clients’ information. They may only use or disclose such information for purposes to which the client has consented or as required by law.
Regulatory Cooperation
Regulated individuals and organizations must cooperate with mortgage brokering regulators. They should report any potential violations of laws, regulations, or this Code to the appropriate authority.