TORONTO, Oct. 20, 2014 /CNW/ - It has recently come to the attention of the Financial Services Commission of Ontario (FSCO) that mortgage brokers or agents advertising on Kijiji have received unauthorized e-mail responses purported to be from FSCO.
Here is an example of the type of communications mortgage brokers or agents have received via Kijiji:
From: Financial Services Commission of Ontario([email protected])
We have received your ad and find it to be in contravention of FSCO's advertising guidelines. You must remove this ad immediately or be subject to a fine and\or loss of license. Financial Services Commission of Ontario.
You can respond to "Financial Services Commission of Ontario ([email protected])" by replying to this email.
Even though they include the correct FSCO contact centre e-mail, messages such as these are not legitimate communications from FSCO.
FSCO does not use [email protected] to write to mortgage brokers or agents for compliance purposes.
FSCO does not contact mortgage brokers or agents through a messaging system such as Kijiji.
FSCO may contact mortgage brokers or agents directly via telephone or e-mail for information gathering purposes. If FSCO's contact centre contacts any licensee, the staff member who initiates the communication will always be identified, providing their name, title and contact information.
If you believe you have received an unauthorized FSCO response about a Kijiji ad, or want to report a mortgage brokering ad that may be a contravention of the law, you can send FSCO a copy, screen-grab or photograph of the ad, along with its location and the date and time you received or viewed it. This information can be sent to [email protected].
If you are a mortgage broker or agent, familiarize yourself with the mortgage brokerages standards of practices regulation and compliance checklists to ensure you know the legal requirements before posting any public relations material.
Only a licensed Ontario mortgage brokerage, administrator, broker or agent can provide information and advice on the risks involved in borrowing, lending or investing for different mortgage products.
SOURCE: Financial Services Commission of Ontario