Legal & Compliance

The Source Financial Legal & Compliance

Last revised: November 21, 2024

Introduction

The Source Financial Inc. is committed to upholding the highest standards of integrity, transparency, and ethical responsibility in all our financial services across Ontario and Canada. As a trusted provider of personal lending solutions, we prioritize compliance with applicable federal and provincial laws and maintain robust governance to safeguard the interests of our clients, stakeholders, and the communities we serve.

Corporate Governance and Accountability

Our governance framework ensures adherence to legal and ethical practices while promoting accountability at all organizational levels. The Source Financial Inc. operates under a strict compliance program designed to identify, manage, and mitigate risks. This includes regular audits, policy reviews, and staff training to maintain alignment with applicable regulations and best practices.

We adhere to the following key statutes and regulations:

  • Consumer Protection Act (Ontario): Governs fairness and transparency in consumer transactions.

  • Personal Information Protection and Electronic Documents Act (PIPEDA): Ensures the confidentiality and security of client information.

  • Criminal Code of Canada and Interest Rate Act: Monitors compliance with limits on interest rates and related lending practices.

  • Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA): Enforces measures to prevent financial crime and ensure compliance with reporting requirements.

Client Protection and Transparency

The Source Financial Inc. is dedicated to providing clients with clear, comprehensive, and accessible information regarding our financial products and services. We ensure:

  1. Disclosure of Terms: All loan terms, interest rates, fees, and repayment conditions are presented transparently, ensuring clients have the information they need to make informed decisions.

  2. Plain Language Communication: All documentation, including contracts and policy explanations, is written in plain language to enhance client understanding.

  3. Complaint Resolution: We provide a robust dispute resolution process, including a dedicated complaints handling team, to address and resolve client concerns efficiently and fairly.

Privacy and Data Protection

The protection of client data is a core priority. The Source Financial complies fully with PIPEDA and Ontario’s privacy laws, employing industry-leading cybersecurity measures to safeguard sensitive information. We limit data collection to what is necessary for business operations and ensure that all personal information is used only for its intended purposes.

Risk Management and Compliance Monitoring

The Source Financiall Inc. maintains a comprehensive risk management strategy to identify and mitigate potential compliance risks. This includes:

  • Internal Controls: Automated and manual checks to ensure regulatory compliance.

  • Regular Audits: Independent audits of our operations and practices to ensure alignment with legal standards.

  • Regulatory Reporting: Compliance with mandatory reporting requirements under federal and provincial law.

Ethics and Social Responsibility

The Source Financial Inc. is dedicated to ethical lending practices and fostering financial literacy within the communities we serve. Our operations reflect our commitment to responsible lending, ensuring affordability and fairness in all transactions. Furthermore, we strive to minimize financial exclusion by providing equitable access to our services.

Regulatory Oversight and Licensing

The Source Financial is duly licensed under the relevant provincial and federal licensing frameworks. Our practices are subject to oversight by regulatory bodies, including:

  • Financial Consumer Agency of Canada (FCAC): Ensures compliance with federal consumer protection measures.

  • Ontario Ministry of Government and Consumer Services: Enforces consumer protection at the provincial level.

Client Engagement and Support

The Source Financial Inc. values open communication with our clients. We invite inquiries and feedback regarding our legal, compliance, and governance practices. For assistance, please reach out to:

ATTN: Compliance: Legal & Compliance, The Source Financial Inc.

  • Address: 6-1143 Morningside Ave, Toronto, ON M1B 0A7

  • Email: legal@gosource.ca

  • Tel: 1 833 201 7070