FSRA Compliance & Regulatory Disclosure

Regulatory Information

Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA): The MBLAA governs mortgage brokering in Ontario. It sets standards for brokerage operations, agent licensing, mandatory disclosures, recordkeeping, and consumer protection. We comply with all MBLAA requirements and FSRA Rule 2019-001 (Mortgage Brokering Conduct of Business) as a condition of our license.

Principal Broker

Surrayya Afzal (FSRA #M14001433) is the licensed Principal Broker of Mortgage Squad Advisors (Ontario) Inc. Under MBLAA, the Principal Broker is responsible for the brokerage's regulatory compliance, supervision of all licensed agents, review of every client file's compliance status, and oversight of the brokerage's required policies and procedures.

Borrower Rights & Disclosures

As a borrower or prospective borrower under MBLAA, you have the right to:

(1) Receive a written Mortgage Disclosure Statement covering all material terms, costs, risks, and the Cost of Borrowing (APR) before you sign the application.

(2) Receive a Conflict of Interest Disclosure identifying any relationship between us, the lender, or any third party that could reasonably be seen to influence our advice — provided in writing before you commit.

(3) Be informed in writing whether the broker is acting for you (the borrower), for the lender, or for both — and whether any third-party referral arrangement applies to your file.

(4) Receive copies of every document you sign, retained on your client file for the FSRA-required 7-year period.

(5) Receive a Suitability Assessment for any mortgage product we recommend, including why we believe it suits your file profile.

(6) Refuse any mortgage product offered to you, with no obligation, prior to signing.

(7) Make a complaint to our Compliance Officer, then escalate to FSRA, then to an independent ombudsman if you believe we have not met our obligations.

(8) Receive disclosures in plain language, in a font size and format you can read. Translations into other languages are available on request.

Compensation Disclosure

Mortgage Squad Advisors is compensated by lenders when a mortgage funds. Typical lender finder fees range from 0.50% to 1.10% of the funded mortgage amount on A-lender and most insurable files, paid by the lender — not by you, the borrower. We do not charge borrower fees on standard A-lender purchases or renewals.

On B-lender, private, alternative, or specialty files, additional brokerage fees may apply depending on the file and the lender's compensation structure. Any such fee is disclosed to you in writing before you sign, and is never deducted from your funds without your written consent. We provide a clear summary of all compensation we expect to receive on your specific file — both lender-paid and any borrower-paid amounts — at the same time we provide the Mortgage Disclosure Statement.

Conflict of Interest

Under MBLAA, brokerages are required to disclose all material conflicts of interest in writing. This includes lender volume-bonus programs, special-pricing tiers, non-monetary incentives, and any third-party referral arrangements. We disclose what we receive from each lender and structure our recommendations around your file's best fit — not the bonus structure of any individual lender. If we identify a conflict on your specific file, we will obtain your written informed consent before proceeding or recuse ourselves and refer you elsewhere.

Complaint Process

If you have a concern about your file or our service, please follow this escalation path:

(1) Talk to your advisor or the Principal Broker. Most concerns are resolved at this stage.

(2) Escalate in writing to info@mortgagesquad.ca. We acknowledge written complaints within 5 business days and complete our review within 30 days.

(3) Contact FSRA directly at fsrao.ca or 1-800-668-0128. FSRA has independent investigative authority over every FSRA-licensed brokerage and agent.

(4) Independent dispute resolution. For matters that fall outside FSRA's scope (e.g., financial harm beyond regulatory matters), you may have access to independent ombudsman services such as the Ombudsman for Banking Services and Investments (OBSI) at obsi.ca. We cooperate fully with any independent investigation.

FINTRAC Obligations

As a reporting entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), we maintain a written AML compliance program supervised by a named Compliance Officer, with biennial program reviews and ongoing staff training. Our specific obligations on every client file include: verifying client identity using a FINTRAC-acceptable method, screening against Politically-Exposed-Person (PEP) and sanctions lists, assessing transaction risk (low / medium / high), reporting suspicious transactions to FINTRAC, and retaining records for the regulator-required period. These obligations apply to all Canadian mortgage brokerages. For more information visit fintrac-canafe.gc.ca.

Privacy & Data Protection

We collect, use, and retain your personal and financial information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA), Ontario's privacy regime, and applicable provincial legislation including Quebec Law 25. Mortgage files are retained for the FSRA-required 7-year period from the last interaction date. We protect your data using encryption in transit and at rest, role-based access controls, and audit logging on sensitive operations. In the event of a privacy breach that could reasonably create a risk of significant harm, we will notify affected individuals and the Office of the Privacy Commissioner of Canada (OPC) without undue delay, as required by PIPEDA Section 10.1. Full details are in our Privacy Policy.

Recordkeeping & Audit

Every client file, communication, and disclosure is retained on our systems for at least 7 years from the last interaction date, in line with FSRA and FINTRAC requirements. FSRA conducts periodic compliance reviews and audits of every licensed brokerage; we cooperate fully with FSRA examinations and maintain all required books, records, and policies in audit-ready condition. Clients have a right to request access to their own file records on reasonable notice.