An individual applies for a mortgage agent licence in Ontario. They have a criminal record for a minor fraud conviction from 10 years ago, for which they received a pardon. What is the most likely outcome regarding their licence application under FSRA regulations?

Question: An individual applies for a mortgage agent licence in Ontario. They have a criminal record for a minor fraud conviction from 10 years ago, for which they received a pardon. What is the most likely outcome regarding their licence application under FSRA regulations?

Answer options:

• The application will be automatically denied due to the criminal record.
• The individual will be granted an unrestricted licence without further review. ✅ The application will be reviewed by FSRA, considering the nature of the offence, the pardon, and the time elapsed, to assess suitability for licensing.
• The individual will be granted a provisional licence for two years, subject to review.

Correct answer: The application will be reviewed by FSRA, considering the nature of the offence, the pardon, and the time elapsed, to assess suitability for licensing.

Explanation: FSRA assesses the suitability of an applicant by considering factors such as past conduct, including criminal records, but also the severity, timing, and any mitigating factors like a pardon, rather than an automatic denial.