Regulatory Statement

Purpose

This Regulatory Statement (“Statement”) provides registration and advertising requirements regarding mortgage services teams (“Teams”) pursuant to sections 57 to 59 of the Rules (“Rules”) under the Mortgage Services Act (“MSA”). The MSA comes into effect on October 13, 2026; however, Teams provisions under the MSA do not come into force until April 1, 2027.

Background information

Under the Rules, a group of two or more licensees must apply to the Superintendent to register as a Team in accordance with the requirements of this Statement, the MSA, and its Rules.

Requirements

Registering as a Team

A group of two or more licensees must apply for registration with the Superintendent as a Team if they do any of the following while dealing in or trading in mortgages:

• Represent themselves to the public as a single entity (other than a brokerage);
• Are regularly engaged as designated agents of the same client; or
• Regularly work together in a manner that is consistent with the licensees being implied agents of the same party.

To register as a Team, a group of two or more licensees must submit a service request through IRIS containing the following information:

• Licensee name;
• Brokerage name;
• Proposed Team name; and
• Team member names.

To change the name or membership of a Team, a licensee must submit a service request through IRIS containing the following information:

• Licensee name;
• Brokerage name;
• Existing Team name;
• Proposed Team name (if applicable); and
• Existing Team member names.

Team Restrictions and Requirements

The following restrictions and requirements apply to Teams:

• A licensee can only be a member of one Team at any time;
• A Team must have at least two or more licensees;
• A member of a Team must provide mortgage services through the Team only;
• A licensee must not provide mortgage services through a Team unless the licensee is a member of that Team;
• All members of a Team must be related to the same mortgage brokerage;
• All members of a Team must be licensed in the same category of service (dealing, trading, or both);
• The related mortgage brokerage of the Team members must assign all members of the Team as designated agents to provide mortgage services to, or on behalf of, any client of the Team; and
• A Team must ensure that its registered name is clearly indicated while providing mortgage services.

Naming a Team

Team name approvals are made on a case-by-case basis through a Team name request form in IRIS. When reviewing team name requests, the Superintendent considers the requirements of the Rules and the following:

• A Team name must convey to the public that a group of individuals from the same brokerage is working as a team. Team names which include the words “Group,” “Team,” “Network,” or “Associates” help make this clear. While not required, BCFSA recommends using the word “Team” in a proposed Team name.
• To ensure the public is not misled or confused, a Team name must not give the impression of being an incorporated company or brokerage. Team names such as “Jane Doe and Company” or “Doe Mortgage Services Inc.” will not be approved.
• No Team name will be approved that may be confused with an existing mortgage services brokerage.
• No Team name will be approved that is identical to an existing, approved team name.

The Superintendent will inform the requesting licensee and their principal broker of the outcome of the Team name request. Registration of a Team name with BCFSA does not provide any determination or adjudication of ownership or rights in the Team name.

Advertising as a Team

A Team cannot advertise itself as a Team until the Superintendent approves its registration. If a Team or any of its members advertises mortgage services, the advertisement must show the Team’s name exactly as approved by the Superintendent.

​​​Definitions

Mortgage Services Team (“Team”): means a group of two or more licensees that is registered as a mortgage services Team under the requirements of Division 4 of the Rules.

Designated Agent: means one or more licensees designated by their mortgage brokerage as the exclusive licensee or licensees, of all of the licensees related to that brokerage, to provide mortgage services to a client of the brokerage in respect of a potential mortgage or mortgage transaction.

Legislation

MSA Rules ss. 55, 57 to 59.

Copies of the legislation are available from www.bclaws.gov.bc.ca

Additional Information

For inquires on Teams registrations and requirements, please email msa@bcfsa.ca.