Ron Butler, a mortgage industry commentator, posted a series of tweets on April 8, 2026, discussing the history and regulatory changes in Ontario’s mortgage sector. In his posts, Butler compared the Financial Services Regulatory Authority of Ontario (FSRA), an independent agency established as the province’s mortgage regulator in 2019, to its predecessor, the Financial Services Commission of Ontario (FSCO).
Butler wrote on April 8, 2026: “FSRA is an Independent Agency & it became the Mortgage Regulator in 2019 replacing the disgraced FSCO which operated as a government department
FSCO was such a bad Regulator in the end some Brokers became suspicious some of their employees were paid to ignore bad Brokers
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He continued by referencing specific issues under FSCO’s oversight. On April 8, 2026, he stated: “Horrible Mortgage Brokerages fronted by the convicted felons at Fortress Real Development carried on criminal practices for YEARS & no action was taken by FSCO
When FSRA took over in 2019 it was hit by Covid in 2020 – 2021 & only really got going in 2022
Changes happened
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Butler also highlighted actions taken against brokerage owners and abuses within the private mortgage sector. On April 8, 2026, he wrote: “Brokerage owners themselves were taken down for serious breaches
And wisely FSRA saw the biggest abuse was in the Private Mortgage sector particularly when the elderly were involved
Awful cases like Harold The Mortgage Closer who ripped Seniors off constantly
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The Financial Services Regulatory Authority of Ontario (FSRA) assumed responsibility for regulating Ontario’s mortgage industry from FSCO in June 2019. The transition aimed to address longstanding criticisms regarding inadequate oversight and enforcement under FSCO. After its establishment, FSRA encountered delays due to the COVID-19 pandemic but began implementing regulatory reforms from 2022 onward.
Cases involving misconduct among mortgage brokerages and concerns about exploitation of vulnerable groups have been ongoing issues within Ontario’s financial services sector. The creation of FSRA sought to enhance consumer protection and improve regulatory effectiveness across various sectors including mortgages.
