Education Equivalency Requests

Under the Mortgage Brokerages, Lenders and Administrators Act, 2006, FSCO will issue a Mortgage Broker or Agent license if the applicant meets the criteria listed in sections 2(1) and 5(1) of Ontario Regulation 409/07 – Mortgage Broker and Agents: Licensing [New Window] and is suitable to be licensed.
FSCO's Superintendent has established education standards for Mortgage Brokers and Agents known as Mortgage Broker Qualifying Standards (MBQS) and Mortgage Agent Qualifying Standards (MAQS) . Mortgage Brokers and Agents who have a combination of education and experience that is equivalent to the education and experience requirements listed in section 2(1) and section 5(1), as demonstrated through the MAQS and MBQS may request the Superintendent to deem that they have met the listed requirements.  However, the standard for demonstrating that an individual's combination of education and experience meets the MAQS or MBQS is rigorous, and is based on a comprehensive review of the individual applicant's circumstances.

Determining Equivalency

Before you submit a request to have your education and experience deemed equivalent to the MAQS or MBQS, you need to carefully determine whether you have clear and compelling evidence that your education and experience are equivalent to the applicable standard.  Please be aware that the Superintendent has an obligation to ensure that you meet the standard.  The standard is in place to protect the public interest.  The public must have a reasonable expectation that all Mortgage Brokers and Agents are suitably qualified to carry out their duties.

The following section outlines what should be included in your request for equivalency. It also provides guidelines for the standards that must be met, in order to have your equivalency request approved.

Submitting a Request for Equivalency

What to Include in Your Submission

To obtain your equivalency package, please email If you wish to discuss whether you are eligible to apply for equivalency, please contact FSCO at 416-250-7250 and ask to speak to a Licensing and Registration Specialist to discuss your request. If appropriate, FSCO will advise you of the information that is required and provide you an application to complete.
When you submit your request for equivalency:
  • You must have knowledge of the MAQS and MBQS.
  • You must prepare a submission package according to the instructions below and include a full explanation for each required qualification.
Please note:

  • FSCO will only review complete submission packages.
  • Requests for equivalency should not be submitted through Licensing Link (FSCO's online application system).  You need to contact FSCO's Licensing Compliance Unit to request a paper-based application form.   
  • Your Mortgage Brokerage needs to forward the completed application to FSCO, along with other required information.

In order to submit a request for equivalency, you need to prepare a submission package which includes:


  1. A completed FSCO Mortgage Agent/Broker Application Form (FSCO will provide you a paper-based application form to complete).
  2. An up-to-date résumé.
  3. A complete assessment of your qualifications and level of experience for each learning objective that is specified in the MAQS or MBQS.  Make sure you clearly indicate how your work experience and educational training equals or surpasses the required learning objective.  You must use the form provided by FSCO.
  4. A signed Letter of Confirmation from the business for which you currently work.  The letter should describe your role and responsibilities at the business in the specified format below (see the letter of confirmation).  Letters from other individuals or businesses with suitable knowledge of your training and experience are also acceptable.
  5. If you are requesting equivalency as a Mortgage Broker, you need to confirm that you meet the requirement for supervising Mortgage Agents and Brokers (that you have supervised at least five Mortgage Brokers and/or Agents). 
  6. Recent letter(s) from current or previous employers that support your relevant education and work experience.
  7. Confirmation by your Mortgage Brokerage's Principal Broker that he/she supports your request for equivalency. 
Please Note:
  • Your completed Mortgage Agent/Broker Application Form must be accompanied by the Mortgage Agent/Broker licensing fee that is payable for the licensing period.
  • FSCO will not provide you a refund if your education and experience are not deemed equivalent to the MAQS or MBQS. 
  • If your submission package is incomplete, FSCO will return it along with a note that specifies the information you are missing.
  • In addition to the education and experience requirements, you must meet all other licensing requirements and must be considered suitable for licensing.
Once you've completed your submission package, please mail it to the address below:
Financial Services Commission of Ontario
Attn: Licensing Registration Specialist
Licensing and Market Conduct Division
5160 Yonge Street
4th Floor, Box 85
Toronto, ON M2N 6L9

Format for Providing Qualifications


  • Before you submit your request for equivalency, make sure you carefully review the MAQS or MBQS.  
  • In your request for equivalency, clearly analyze the learning objectives and give specific examples of situations in which your experience and education satisfied each appropriate learning objective at the required proficiency level. 
  • To assess your qualifications, refer to the learning objectives with their associated levels of achievement.  (For guidance on the level that applies to you, visit FSCO's website and select Mortgage Broker Qualifying Standards or Mortgage Agent Qualifying Standards.)  
  • To ensure a fair and standardized review process, FSCO requires each equivalency request to follow the format below.  The table will be provided by FSCO with the application form.
Example from the Mortgage Broker Qualifying Standards Document (B.1.1 - Discuss approaches for recruiting suitable Agents and Brokers)
For illustration purposes, the table below shows the required proficiency for each proficiency level (Blooms Level) of the learning objective.  In this example, Comprehension (Blooms Level 2) is the required proficiency level for the learning objective.  In your request for equivalency, you need to outline how your education and experience meet the required proficiency level. You do not need to provide details for the other five proficiency levels (Blooms Levels) in your response.  The purpose of showing all six levels is to help you understand how the education and experience requirements change based on the proficiency level.
Proficiency Level (Blooms Level)
Knowledge (Blooms Level 1)
You are aware that there are set hiring practices, but have never actually hired anyone.
Describe the human resources training that you have taken.
Describe your relevant work experience.
Comprehension (Blooms Level 2)
You know how to go through a hiring protocol, but have never actually put that protocol into practice.
Describe the relevant courses and training that you have taken.
Give examples of an approach for recruiting suitable Mortgage Brokers and Agents.
Application (Blooms Level 3)
You have actual experience in recruiting and hiring staff.
Describe the relevant courses and training that you have taken.
Provide specific examples of your experience.
Analysis (Blooms Level 4)
Through your practical experience, you are able to assess if hiring decisions are producing satisfactory results.
Describe the relevant courses and training that you have taken.
Give examples of the procedures you followed in making these types of assessments.
Synthesis (Blooms Level 5)
You have the capacity to establish policies and procedures to ensure effective hiring.
Describe the relevant courses and training that you have taken.
Provide details of the policies and procedures you have developed.
Evaluation (Blooms Level 6)
Based on experience, you are able to assess what changes and enhancements are required in the hiring policies and procedures to improve recruitment results.
Describe the relevant courses and training that you have taken.
Describe the specific assessment strategies you used in your assessment and the changes that were adopted.

After Your Submission is Received

When FSCO receives your request for equivalency submission package, the following steps will be taken as applicable:

  • Acknowledge that it has received your request for equivalency and confirm that the required information has been received.
  • Return your incomplete submission package, along with a note that specifies the information you are missing.
After confirming that a complete submission package was received, FSCO will:
  • Review your responses to the learning objectives and assess if your achievement is at, or above the required standard.
  • Review all other documents in your submission package for completeness and relevance.
  • Potentially request an interview.
  • Prepare a recommendation.
  • Review your Mortgage Broker/Agent licence application for completeness and suitability, if your equivalency is determined.
  • Contact your Mortgage Brokerage's Principal Broker if there are any questions regarding the completeness of your application or your suitability. (Note: If you do not provide the requested information your application may be refused.)
  • If appropriate, approve your Mortgage Broker/Agent licence application.
  • Possibly publish your name on the FSCO website as an individual who has met the equivalency standard.
  • Contact you if it has been determined that your education and experience does not meet the equivalency requirements, and therefore you do not meet the prescribed requirements for the Mortgage Broker/Agent licence you applied for.
  • Issue a Notice of Proposal, proposing to refuse the application, unless you choose to withdraw your application. (Note: an individual whose Mortgage Broker/Agent licence has been refused cannot reapply for a licence until 12 months have passed, and FSCO's Superintendent is satisfied that material circumstances have changed, or other evidence is available.)  
FSCO's goal is to complete each equivalency review within 30 days of receiving the completed equivalency submission package.  Please keep in mind that this turn around time may change based on the volume of requests that are received.

List of Individuals who have been granted Equivalency


  • Kevin James Weir - Licence Number: M18000182
  • John Peter Battaglia - Licence number: M08000717
  • Robert Dool - Licence number: M10000051
  • Audrey Lynn Howe - Mortgage licence number M11002763
  • George Hugh - Licence number: M11001177
  • Clayton Joseph - Licence number: M08010260
  • Glen Malcolm - Licence number: M10001002
  • Chadwick (Chad) Van Mallow - Licence Number: M13001553
  • Ross Brennan - Licence Number: M08006297
  • Daniel Andress - Licence Number: M08000446

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