The mortgage brokerage sector does not have a code of ethics; however, it is governed by the ethical rules set out in the Regulation respecting the
pursuit of activities as a representative. IMPORTANT if a broker holds other licenses, other rules will also apply.
A broker can advise his clients ...,
- Only in his field of expertise
- In any field, regardless of his qualifications
- In the field of life insurance for his clients.
- Enforce the rules governing the eligibility and practice of representatives
READ FIRST! PROMOTE THE AVAILABILITY OF HIGH QUALITY, COMPETITIVELY PRICED FINANCIAL PRODUCTS AND SERVICES FOSTER THE PUBLIC'S CONFIDENCE IN FINANCIAL SECTOR PARTICIPANTS WITH RESPECT TO THEIR SOLVENCY AND COMPETENCE . SEE TO THE ESTABLISHMENT OF AN EFFECTIVE REGULATORY FRAMEWORK THAT PROMOTES THE DEVELOPMENT OF THE FINANCIAL SECTOR AND FACILITATES INNOVATIVE MANAGEMENT AND COMMERCIAL PRACTICES GRANT THE PUBLIC ACCESS TO RELIABLE, ACCURATE AND COMPLETE INFORMATION ON THE FINANCIAL SECTOR PARTICIPANTS AND ON THE FINANCIAL PRODUCTS AND SERVICES OFFERED INCOMPATIBLE OCCUPATIONS FOR THE INSURANCE REPRESENTATIVE, THE CLAIMS REGULATOR THE FINANCIAL PLANNER OR MORTGAGE BROKER . Judge or police officer, Lawyer or notary (except for a claims adjuster or financial planner); Trustee in bankruptcy: Real estate broker (except for the certified representative only in mortgage courage): - Any public accounting activity** (except for the claims settlement expert or the financial planner) ** According To Tart. 4. c of the Accountants Act, professional agrees L - Any health profession governed by the Professional Code; Minister of Worship - Director or employee of a trade union other than a trade union of representatives, or a professional association; Funeral director or other similar function in the field of funeral services Which of the following powers does the Autorit des marchs financiers not have? - Seize misappropriated funds Promote public confidence - Ensure the protection of the public - Ensure access to reliable information Which of the following occupations is compatible with the practice of mortgage brokerage? - An employee of a union A Minister of Worship A firefighter in a municipal department A trustee in bankruptcy READ FIRST PLEASE Mortgage brokers must act with respect and integrity. They must also act with prudence, diligence, objectivity and discretion. In plain language, they must ensure that customer service is impeccable: return your calls in a timely manner, process files and be available for your clients. In regard to objectivity, misunderstandings may arise through unbalanced compensation or prejudices (I don't like that type of product!). Article 16.5 Mortgage brokers must act with independence in respect of their clients and in their clients' best interests. To that end, they must subordinate their personal interests and the interests of any other person or company to their clients' interests and must not let their judgment be subject to any pressure whatsoever. Article 16.6 Mortgage brokers must not place themselves in a conflict of interest. LOGIC BASED QUESTION: To comply with his ethical obligations, how can a mortgage broker act independently? He must subordinate his personal interests to those of his client - He must not allow his judgment to be influenced by any pressure whatsoever. He must defend his commercial interests, When dealing with the client, the broker must apply the ethical principles. Respect, integrity, prudence and objectivity - Discretion, integrity, Objectivity and willingness - Respect, promptness, prudence and discretion Can a mortgage broker advertise mortgage rates that only a few people would be lucky enough to get? - Yes, there is nothing in the Code of Ethics that prevents this. - No! It is against the the rules of conduct for mortgage brokers
