Mortgage Services Act: Transition

Transitioning from the Mortgage Brokers Act to the Mortgage Services Act

On July 14, 2025, the BC Government approved the rules and regulation that accompany the Mortgage Services Act (“MSA”) and further set out the regulatory framework for the mortgage services industry.

The MSA represents a significant shift for the mortgage services industry. BC Financial Services Authority (“BCFSA”) will oversee the transition from the Mortgage Brokers Act (“MBA”) to the MSA and will support the mortgage services industry as they prepare for the implementation of the new regulatory framework.

A 15-month transition period has been set to give the mortgage services industry and BCFSA time to prepare for the MSA. This period started when the MSA Rules and Regulation were approved and ends when the MSA comes into force on October 13, 2026.

During the transition period, those registered under the MBA will need to complete certain activities, like taking transition education courses, to become licensed under the MSA. The activities to be completed will be different, depending on whether you want to become a licensed principal broker or a licensed mortgage broker.

The graphic below shows the different activities required by registrants under the MBA who want to become licensed under the MSA. It also gives a timeline of when BCFSA will publish information and resources. (Download PDF).

As BCFSA helps the mortgage services industry prepare for the MSA, it will share new information and resources and offer transition education courses. These courses will help people who are currently registered under the MBA learn the new skills and information needed to work under the new legislation.

BCFSA will continue to update its website with new information about the MSA and the transition period, as it becomes available.

Questions about the MSA can be sent to BCFSA’s enquiries team at msa@bcfsa.ca.

• Transition Education

  Registrants under the MBA will need to complete transition education to become licensed under the MSA. Information about required courses is available on our MSA Education webpage.

  MSA Education

MSA Transition FAQs

*This information will be updated as new information becomes available.

• When will the Mortgage Services Act come into force?

  The Mortgage Services Act (“MSA”) will come into force on October 13, 2026.

• What is the timeline for the transition? How long will I have to prepare?

  On July 14, 2025, the BC Government approved the rules and regulation that accompany the MSA and further set out the MSA regulatory framework.

  A 15-month transition period has been set to give the mortgage services industry and BCFSA time to prepare for the MSA.

  The approval of the MSA Rules and Regulation marked the beginning of the 15-month transition period. This period ends when the MSA comes into force on October 13, 2026.

  View the Road Ahead to the Mortgage Services Act graphic for a snapshot of what to expect throughout the transition period.

• What is BCFSA’s role in the transition?

  BCFSA is leading the transition from the current Mortgage Brokers Act (“MBA”) to the MSA and will support the mortgage services industry as they prepare for the implementation of the new regulatory framework.

• What information will BCFSA share to help me and my brokerage through the transition from the Mortgage Brokers Act to the Mortgage Services Act?

  As BCFSA helps the mortgage services industry prepare for the MSA, it will share new information and resources. BCFSA will also provide transition education courses to help people learn the new skills and information needed to work under the new legislation.
  
  To further support the mortgage services industry, BCFSA will launch a Mortgage Broker Knowledge Base. This information hub will include advisories, regulatory statements, guidelines, and information to help industry members understand regulatory requirements. More details about the Knowledge Base will be shared in the coming months.

  BCFSA will also hold information sessions throughout the 15-month transition period. Details about upcoming webinars will be sent directly to all MBA registrants.

  BCFSA will continue to update its website with new information about the MSA and the transition period, as it becomes available.

• How often should I expect to receive information and updates about the MSA from BCFSA?

  BCFSA will keep updating its website with new information as it becomes available. It will also email current MBA registrants to provide advisories, MSA newsletters, and share other important information related to the transition from the MBA to the MSA.

  Current registrants should make sure their contact information in IRIS is up to date.

• Where can I find the most up to date information about the MSA?

  BCFSA’s website will be your main source of information about the transition to the MSA.

• How can I receive information from BCFSA about the MSA transition?

  BCFSA will email current MBA registrants on a regular basis, as important information becomes available. Please make sure your contact information is up-to-date in IRIS.

• What is a Readiness Assessment Survey?

  BCFSA will send out a Readiness Assessment Survey twice during the transition period. This survey will help BCFSA understand how much mortgage services registrants know about the MSA, how they view the transition process, and how ready they feel for implementation.

  The survey will be sent to Designated Individuals to complete, and completion is mandatory.

  More details about the Brokerage Readiness Assessment survey will be shared with designated individuals soon.

• What will I need to do to conduct mortgage business in B.C. when the MSA comes into force?

  Registrants under the MBA who wish to become licensed under the MSA will need to complete certain activities, like transition education courses, before the MSA comes into force on October 13, 2026.

  The activities will be different depending on whether you want to become a licensed principal broker or a licensed mortgage broker.

  Information about the activities you will need to complete will be shared throughout the transition period to support a smooth, measured approach to the new regulatory framework.

  Check out the Road Ahead to the Mortgage Services Act graphic to see the required activities and when BCFSA will publish information and resources.

• What happens if I don’t complete the transition activities on time?

  To be licensed when the MSA comes into force on October 13, 2026, MBA registrants must have completed the required MSA transition education courses for their licence type. For example, everyone has to complete the MSA: Getting Started course, while principal brokers must complete the MSA: The New Principal Broker course, and mortgage brokers must complete the MSA: The New Mortgage Broker course.

  If you do not complete these courses, your registration will not be transitioned to a licence when the MSA comes into force on October 13, 2026. This means you will not be able to provide any mortgage services until you complete the courses.

  If you miss the opportunity to take the transition education before October 13, 2026, there is no need to worry. BCFSA will continue to make transition education available after the MSA comes into force for individuals who may have missed taking it earlier or for those who have been on leave. However, you won’t be able to provide mortgage services until you have successfully completed the required education.
  

• I’m a designated individual. What do I need to do to ensure my brokerage is ready when the MSA comes into force?

  Designated individuals who want to become a principal broker when the MSA starts must complete the MSA: Getting Started course and the MSA: The New Principal Broker course. As part of the first phase of principal broker transition education there will be optional virtual classroom sessions. Designated individuals are encouraged to attend this session to get a better understanding of the practical implications of licensing a brokerage under the MSA.

  You should also take steps to make sure submortgage brokers at your brokerage complete their required transition education courses (i.e., the MSA: The New Mortgage Broker course) before the MSA starts. Visit the MSA Education webpage for more information.
  
  Designated Individuals who want to become a Principal Broker will need to choose the licensing categories for their brokerage and submit this information to BCFSA, which will start a service request for this process. More details will be provided soon.

• I’m a sole proprietor. Do I need to transition to the MSA?

  Yes. BCFSA will directly contact sole proprietors discuss their required transition activities.