The Financial Services Regulatory Authority of Ontario (FSRA) wants to hear your opinion.
Effective June 8, 2019, the FSRA assumed the regulatory duties of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario. With this, they assumed responsibility for regulating Ontario’s non-securities financial services, including insurance, loan and trust corporations, credit unions and caisses populaires, and mortgage brokers.
On October 18, 2019, the FSRA announced it is seeking input on its draft statement of priorities and budget. The consultation period is open from October 24 to November 18, 2019.
“The draft 2020-2021 priorities build upon the targets in the 2019-22 Business Plan, where we focused on burden reduction, regulatory effectiveness and protecting the public interest,” the FSRA stated.
According to the FSRA, some of the notable results from the 2019-22 business plan include the development of a plan to reduce syndicated mortgage investment harm and support the development of industry-led codes of conduct in the credit union and mortgage brokering sectors.
Other highlights include streamlining the administration of rate regulation in auto insurance and strengthening prudential supervision for the pension sector.
“FSRA’s proposed cross-sector F20-21 priorities will continue to deliver a positive impact in reducing burden and improving regulatory effectiveness, improving the regulatory experience and improving safety, fairness and choice for consumers of financial services in Ontario,” the FSRA stated.
The full draft of the statement of priorities and budget is available here: https://www.fsrao.ca/sites/default/files/2019-10/FSRA_Draft_2020-21_Priorities_and_Budget.pdf
The public and stakeholders can leave feedback by submitting a comment or asking a question here: https://www.fsrao.ca/engagement-and-consultations/draft-2020-21-fsra-priorities-and-budget
Once finalized, the FSRA will submit its priorities and budget to the Minister of Finance for approval. These documents will then serve as the basis for detailed F2020-21 operational plans, accountabilities, and performance measurements.
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