TORONTO — The Ontario Government is launching a new independent and self-funded regulator of financial services and pensions.
The Financial Services Regulatory Authority (FSRA) of Ontario replaces the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario as an integrated, independent and self-funded regulator for financial services and pensions.
The new regulator, which officially starts regulating financial services and pensions in Ontario on June 8, will oversee Ontario’s financial services providers, excluding securities which are regulated by the Ontario Securities Commission, and will tackle key priorities in its first year of operation that will reduce regulatory burden for regulated sectors.
Among its priorities, the FSRA will reform auto insurance to increase access and affordability for drivers, and to establishing title protection for financial planners and financial advisors to enhance consumer protection without introducing unnecessary regulatory burden, notes the Ministry of Finance.
“Our government recognizes that making Ontario open for business means making sure financial services are efficient, responsive to consumers and businesses — FSRA will play a vital role in helping businesses grow while protecting consumers,” said Finance Minister Vic Fedeli.
The Ministry of Finance will administer FSCO’s Dispute Resolution Services until June 30, 2020. During the transitional period, all open cases will continue, however no new proceedings will commence. As of July 1, 2020, any remaining cases will be extinguished, with parties able to start a new proceeding with the Licence Appeal Tribunal.