As previously reported, the Ontario government is moving ahead to support financial regulatory reform including by establishing the Financial Services Regulatory Authority (FSRA), the new Ontario provincial regulator for provincially regulated insurers, credit unions, loan and trust corporations, pension plans, mortgage brokers and certain auto insurance service providers.
Effective June 8, 2019, the Ontario government launched the Financial Services Regulatory Authority of Ontario (FSRA), which is a new independent and self-funded regulator of financial services and pensions that is intended to help reduce regulatory burden, among other things.
On November 4, 2015, a panel appointed by the Government of Ontario to review the mandate of provincial financial services regulators - the Financial Services Commission of Ontario, the Financial Services Tribunal and the Deposit Insurance Corporation of Ontario - published its preliminary position paper "Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario”. The panel recommended the creation of a new provincial financial services regulatory agency (“Financial Services Regulatory Authority” to exercise both prudential and market conduct regulation, essentially replacing FSCO and DICO. Comments on the paper are due by December 14, 2015.
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