Ontario Appoints New Chair of the Financial Services Tribunal
Ian McSweeney to Oversee Financial Services and Pensions Regulator
Ontario has appointed Ian McSweeney as the new Chair of the Financial Services Tribunal (FST), an adjudicative body that holds hearings on decisions of the Superintendent of Financial Services for Ontario.
As Chair of the FST, Mr. McSweeney will also serve as the Chair of the Financial Services Commission of Ontario (FSCO)—the regulator of insurance, pension plans, credit unions and caisses populaires, mortgage brokering, loan and trust companies, and co-operative corporations.
Mr. McSweeney was previously Acting Vice-Chair of FSCO and the FST. A retired partner of Osler, Hoskin & Harcourt LLP, Mr. McSweeney chaired the firm's Pension and Employee Benefits Department for many years. He is also a founding member of the executive of the Canadian Bar Association (Ontario) Pension and Benefits Section and former chair and founding member of the International Pension & Employee Benefits Lawyers Association.
Mr. McSweeney's appointment follows the June announcement of the Financial Services Regulatory Authority of Ontario (FSRA), a new, independent and modernized regulator of financial services and pensions in the province that will replace FSCO.Providing strong 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.
- The government expects to introduce by the end of 2017 legislative amendments regarding FSRA’s mandate and governance structure as well as the new structure and powers of the FST.
- The financial services sector remains an engine of growth for the Ontario economy, directly employing more than 380,000 Ontarians.
- With approximately 1.6 million members, Ontario’s credit unions and caisses populaires have provided $47 billion in total loans to Ontario households and businesses.
- There are 6,996 pension plans registered in Ontario, with total assets of more than $574 billion.