Strengthening Protections for Consumers, Investors and Pension Plan Beneficiaries
Province Moving Forward to Establish Financial Services Regulatory Authority of Ontario
Ontario is updating and strengthening the regulation of financial services and pensions through the appointment of the first board of directors for the Financial Services Regulatory Authority of Ontario (FSRA).
Bryan Davies (Chair), Kathryn Bouey and Judith Robertson will supervise the management of FSRA's affairs, including the development of a detailed transition plan. FSRA, a new, flexible and innovative financial services and pension regulator, will strengthen consumer, investor and pension plan beneficiary protection through adaptive, modern regulation.
The government will also continue to consult with stakeholders and review recommendations from the expert advisory panel that recommended the creation of FSRA. This work will inform the development of FSRA's mandate and governance structure.
Strengthening consumer, investor and pension plan beneficiary protection is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- FSRA will regulate many sectors that are important to Ontario consumers, investors and pension plan beneficiaries, including property and casualty insurance, life and health insurance, credit unions and caisses populaires, mortgage brokers, and pension plan administrators.
- The government expects to introduce legislative amendments regarding FSRA’s mandate and governance structure, as well as the structure and powers of the Financial Services Tribunal, by the end of 2017.
- As part of its work to modernize the regulation of financial services and pensions, Ontario’s Red Tape Challenge provided the public with a means to identify opportunities to improve how these sectors are regulated.
“Modernizing financial service regulation is critical to building a stronger Ontario. The new Financial Services Regulatory Authority of Ontario will ensure consumers and investors are well protected in the complex and changing nature of financial decisions.”