Current head of mortgage brokerage conduct to take on new responsibility amid focus on consumer oversight
The Financial Services Regulatory Authority of Ontario (FSRA) has announced the appointment of Antoinette Leung (pictured) as its new executive vice president of market conduct, effective August 1.
Leung, who currently leads conduct supervision for mortgage brokerages and financial institutions, will take over from Huston Loke, who is set to depart the agency at the end of July after more than six years in senior leadership.
Leung's new position places her at the helm of FSRA’s market conduct division, which oversees consumer protection and compliance across a range of regulated sectors, including mortgage brokering. Her appointment comes at a time when FSRA is focused on strengthening regulatory oversight and modernizing its approach to supervision and industry standards.
The watchdog said in its announcement that Leung’s “regulatory insight, operational expertise, and strategic mindset will continue to strengthen FSRA’s leadership as we deliver on our mandate and modernize our approach to consumer-focused regulation.”
Leung brings extensive experience in regulatory policy and enforcement. As FSRA’s current head of financial institutions and mortgage brokerage conduct, she has been responsible for conduct supervision of credit unions, mortgage brokerages, and administrators, as well as developing related regulatory frameworks.
In addition to her role within FSRA, Leung serves as chair of the Mortgage Broker Regulators’ Council of Canada (MBRCC) and the Market Conduct Working Group of the Credit Union Prudential Supervisors Association (CUPSA), contributing to national coordination on regulatory issues.
Prior to joining FSRA, Leung spent 17 years at the Ontario Securities Commission, most recently as manager of market regulation. Her background also includes senior roles at Payments Canada and PricewaterhouseCoopers, where she focused on financial market risk and audit.
In recent years, Leung has been vocal about the need for stronger onboarding practices and supervision within the mortgage industry.
“The most important thing is at the time you’re making that onboarding or hiring decision, do enough due diligence to assess what the experience and qualifications of that individual are, and also [examine] their compliance history,” Leung told Canadian Mortgage Professional.
Read more: Ontario principal brokers – here’s what FSRA wants you to know about your responsibilities
She noted that many firms fall short in this area, often overlooking past compliance issues or failing to document supervisory measures.
“If you’ve done your supervision, if you have documentation of how you supervise, it’s going to save you a lot of headaches,” Leung added.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
