An applicant for a mortgage agent license in Ontario has a criminal record for a financial crime committed five years ago, for which they received a pardon. How is FSRA likely to consider this in their evaluation of the 'suitability' to hold a license?

Question: An applicant for a mortgage agent license in Ontario has a criminal record for a financial crime committed five years ago, for which they received a pardon. How is FSRA likely to consider this in their evaluation of the 'suitability' to hold a license?

Answer options: ✅ Despite the pardon, FSRA will likely still assess the nature of the offence and its relevance to financial trustworthiness when considering suitability.

• The pardon automatically negates any consideration of the past conviction, and it cannot be used as grounds for refusal.
• FSRA will only consider criminal convictions that occurred within the past two years, making this irrelevant.
• The applicant must disclose the pardon, but FSRA will defer to the judicial system's decision and grant the license.

Correct answer: Despite the pardon, FSRA will likely still assess the nature of the offence and its relevance to financial trustworthiness when considering suitability.

Explanation: Even with a pardon, FSRA maintains the discretion to assess an applicant's suitability, competency, and trustworthiness, particularly for offenses related to financial crime, as outlined in Section 15 of the MBLAA regarding 'Refusal to Issue, Renew or Amend license.' A pardon removes the conviction from official records but does not prevent FSRA from considering the underlying conduct when determining eligibility for a license requiring public trust.