Students passing broker license exams too quick to act as brokers: RIBO

People who recently passed their exams to obtain their broker licences may have been too quick off the mark to start practising as brokers, Ontario’s broker regulator says.”It has come to our attention that individuals who have recently passed their exams began dealing with the public and acting as a broker before being officially licensed,” Ontario’s broker regulator, Registered Insurance Brokers of Ontario (RIBO), says in its Fall 2010 newsletter. “It is a provincial offence for the individual to act as a broker and an act of misconduct for the principal broker to allow this practice in addition to E&O implications.”Licenses are not issued until RIBO receives an employment letter, signed by the principal broker, along with the appropriate registration fee.