The common principles for conduct in the Canadian mortgage brokering sector are:
1. 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.
2. 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.
3. 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.
4. 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.
5. 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).
6. Disclosure: Regulated persons and entities must fully disclose material information to applicable parties
in a transaction. Disclosures must be meaningful and made in an honest and timely manner.
7. Management of Conflicts of Interest: Regulated persons and entities must identify and disclose
actual, potential and / or perceived conflicts of interest to applicable parties in a transaction. They should
have documented policies for managing such conflicts.
8. 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.
9. Stewardship: Regulated persons and entities should act ethically, with integrity and respect. They should
foster a culture of compliance. Their conduct should not undermine the public’s confidence in the mortgage
brokering sector.
10. Co-operation with Regulators: Regulated persons and entities must co-operate with mortgage
brokering regulators. They should report possible violations of laws, regulations or this Code to the
appropriate authority.