Thank you, Tanya.
Mr. Chair and committee members, Questrade Financial Group is a mission-driven company dedicated to helping Canadians become much more financially successful and secure. As one of Canada's foremost fintechs, we've enabled Canadians to take control of their finances.
Our journey began in 1999. Today we have over 2,800 employees and manage over $45 billion in client assets, all of that while maintaining our commitment to affordability, ease of use and cost-effectiveness. We've expanded from an investment brokerage into other financial verticals. We've done so by building customer-centric products and making strategic acquisitions, including that of Community Trust Company, a regulated financial institution; ThinkInsure, a home and auto insurance brokerage; Zolo, an online real estate business; and, more recently, Flexiti, a point-of-sale consumer lender.
Our first recommendation relates to Canada's mortgage ecosystem. Like you, we do not want to see Canadians left behind, struggling to pay their mortgages. However, the health and stability of small and mid-size federally regulated financial institutions must be a priority to ensure a competitive marketplace with diverse service providers for Canadians' lending needs, especially those excluded or marginalized by traditional institutions.
In 2023, with the introduction of various mortgage-related proposals and regulations, we've grown concerned about overlapping and conflicting government efforts. Some of these measures create unintended consequences, including administrative burdens and inefficiencies.
To maintain a competitive and responsive regulated lending ecosystem, we propose the establishment of a permanent round table involving industry, government and regulatory representatives. This round table would conduct semi-annual reviews of Canada's regulated mortgage ecosystem that would consider the impact of new regulations on lenders of all sizes. It should also develop a framework to assess government proposals, ensuring that they address the unique needs of small and mid-size regulated financial institutions and avoid negative consequences.
Tanya.