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.
Financial Services Commission of Ontario
It’s one of those pension administration nightmares – someone of pensionable age shows up at your door claiming he was an employee 20 years ago and asks for his pension. There is some evidence of employment, but no record of a pension entitlement. As a fiduciary you cannot pay out benefits unless someone is clearly entitled, so you ask the person for some proof of the pension entitlement. At this point the person may give up; but your sense of relief is overshadowed by concerns that your record keeping did not allow you to be as certain as you might have been in disposing of the claim. On the other hand, if he doesn't give up, it will likely be an even more costly, time-consuming and frustrating exercise.
The Financial Services Commission of Ontario (FSCO) is proposing a risk-based system of regulating pension plans. Essentially, this means improving risk assessment and monitoring, following five principles...