Ontario to Review Key Financial Regulatory Agencies
Province Modernizing Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario
The review will include broad consultations with the financial services sectors regulated by these two agencies, such as the insurance sector, pension plans and credit unions. As well, a consultation paper will be posted online and the public will be invited to comment on the issues being examined. The government will consider any necessary legislative changes based on the outcomes of the review. The government expects the review to be completed by early next winter.
To assist in the review of these important agencies, the province has appointed an expert panel consisting of:
- George Cooke - former president and CEO of The Dominion of Canada General Insurance Company, and current chair of the board of directors of OMERS Administration Corp.
- James Daw - former Toronto Star personal finance columnist who has written extensively about all facets of Ontario's financial system.
- Larry Ritchie - Osler, Hoskin & Harcourt LLP partner and former vice-chair of the Ontario Securities Commission.
Reviewing the mandates of FSCO and DICO is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives, and building a secure retirement savings plan.
- FSCO, which is accountable to the Minister of Finance, regulates Ontario’s insurance sector, pension plans, loan and trust companies, credit unions and caisses populaires, the mortgage brokering sector, co-operative corporations and service providers who invoice auto insurers for statutory accident benefits claims.
- DICO provides deposit insurance for members of Ontario credit unions and caisses populaires and is also responsible for prudential oversight and solvency regulation of the sector. Total insured deposits at Ontario credit unions exceed $25 billion.
- The financial services sector remains an engine of growth for the Ontario economy, directly employing more than 380,000 Ontarians.
- With almost 1.6 million members, Ontario’s credit unions and caisses populaires have provided $35.8 billion in total loans to Ontario households and businesses.
- There are over 7,200 pension plans registered in Ontario, with total assets of more than $520 billion.
“Financial services is one of the fastest-growing sectors in our economy. These key organizations are our partners in consumer protection. Reviewing their mandates will ensure that we are doing our best to protect the interests of Ontarians while fostering a strong business environment. I look forward to receiving the panel’s recommendations on how we can make this sector even stronger.”