Supporting a Dynamic, Innovative Financial Services Sector
Province Launching Consultations to Cut Red Tape
Ontario is asking businesses and the public to help identify and improve regulations that are unclear, outdated, redundant or unnecessarily costly for the financial services sector.
This input will be used to help make it simpler for businesses to interact with government, innovate and grow, without jeopardizing essential standards that protect the public interest.
Ontario's financial services sector is the second-largest in North America after New York, based on employment, with approximately 12,000 companies employing more than 380,000 people across the province.
Feedback can be provided online by visiting ontario.ca/RedTapeChallenge, a crowd-sourced platform that gives businesses and other interested Ontarians the chance to review current regulations and suggest improvements. The deadline for submissions is January 31, 2017.
Reducing regulatory burden is part of Ontario's plan to create jobs, grow our economy and help people in their everyday lives.
- This is the third sector of focus for the Red Tape Challenge. Previous sectors included automotive parts manufacturing and food processing. Future consultations will focus on mining, chemical manufacturing, forestry and tourism.
- The final report on the auto parts manufacturing sector Red Tape Challenge was released on November 30, and identified 79 potential opportunities for action. The website received almost 22,000 visits over two and a half months.
- The financial services sector has been one of the fastest-growing parts of Ontario’s economy for more than four decades. It created jobs more than twice as fast as the overall provincial economy, and accounted for almost 10 per cent of Ontario’s gross domestic product in 2015.
- Ontario’s 2016 Burden Reduction Report highlighted significant progress, featuring 26 initiatives across government and identified that the government’s burden reduction efforts have saved businesses a total of $122 million since 2011, surpassing the province’s goal to save businesses $100 million by 2017.
- The Red Tape Challenge is part of Ontario’s five-year, $400 million Business Growth Initiative, which is helping to grow the economy and create jobs by promoting an innovation-based economy, helping small companies to scale up and modernizing regulations for businesses.
“We want to ensure Ontario’s financial services sector continues to thrive and is primed to grow. We can do that by reducing barriers to doing business here without compromising the public’s best interests. That’s why we are asking the public and financial services business owners for input to help promote growth and strengthen Ontario’s economy.”
“We know that modern, flexible regulations are essential to Ontario’s economically important financial services sector. The Red Tape Challenge is a vital consultation tool because it gives us valuable input directly from those who deal with and are impacted by these regulations every day. Engaging with this group will help us achieve an environment in which Ontario businesses can continue to thrive while ensuring consumers and investors are appropriately protected. It complements the province’s work in modernizing the insurance and credit union and caisse populaires sectors, as well as establishing the initial parameters for the Financial Services Regulatory Authority of Ontario, a new independent and flexible regulator of the financial services sector designed to protect consumers.”