Probably 75 per cent of brokerages are operated by unsuccessful mortgage professionals, and that can be laid at the feet of FSCO, says one broker.
Mangion argues that there’s simply insufficient screening of individuals coming into the broker channel, where only their knowledge of product is tested, not their aptitude or passion for the job.
Mangion’s comments come on the heels of Market Regulation Branch Director Anatol Monid’s announcement to some 400 brokers at the recent IMBA conference that FSCO will be cracking down on procedures and requirements among brokerages.
Mangion, whose brokerage has 50 to 60 agents at any one time, routinely hires new agents and puts them through his own in-house training program.
Mangion wants FSCO to step up and canvass agents who are moving from brokerage to brokerage.
Compounding the problem are part-time brokers, says Mangion, who no longer hires part-time agents at his brokerage.
We can't blame regulators for lack of professionalism in our industry, we can only blame associates and brokers. We should not ask regulators to police professionalism in our industry, we can and should only ask them to police the low bar entry to protect public, as this is their mandate. It is up to us as professionals to raise the quality of our industry - each of us as individuals, and the teams we lead.
Dale I do agree with you. But if they can at least narrow the field for us that would be great. Because right now there is just too much garbage for the real professionals to prop up. Cheers.
The Market Conduct Division headed by ANATOL MONID is inefficient/ corrupt and Clanish.