The FSCO planned to complete five on-site examinations of mortgage brokerages identified as risky this fiscal year. But as of Dec. 31, 2018, it had not finished any of them, according to data provided to Reuters
The financial services regulator in Canada’s biggest province failed to make planned checks on mortgage brokers it had identified as risky because its resources were stretched, according to documents obtained by Reuters under freedom of information laws and information provided by the regulator.
Mortgage underwriting standards came under scrutiny in Canada after the country’s biggest nonbank lender, Home Capital Group Inc, accepted responsibility for misleading investors about problems with its procedures in 2017. “This investigative process, which makes the best use of finite resources to address the most significant risks, may include, but does not require, a site visit,” it said. “As a result, planned examinations may not take place, but other regulatory and supervisory activities would occur, based on the resources available.”
Asked if FSCO’s successor will have more resources, Ontario’s finance ministry said FSRA is consulting with the department over its planned budget and business plan for 2019-20 and is also working on establishing a fee rule enabling it to recover some costs from the sectors it regulates, potentially enhancing its overall budget.
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