The expert committee tasked with the review of the mandates of the Financial Services Commission of Ontario (FSCO), Financial Services Tribunal (FST), and the Deposit Insurance Corporation of Ontario (DICO), released their preliminary position paper on November 4, 2015.
Advocis is pleased that investor protection is a central focus within the preliminary position paper. The committee has been charged with resolving a number of complex issues facing Ontario’s financial services sector. While lacking in detail, the committee’s interim report provides reason for both consumer and advisor optimism. The proposed Financial Services Regulatory Authority (FSRA) accommodates Advocis’ simple and elegant proposal for a professional body to oversee the standards and conduct of all financial advisors, inclusive of planners in Ontario.
As the committee members shape final recommendations, Advocis encourages them to take a holistic approach to their solution, ultimately ensuring that their intended objective of consumer protection is achieved with as little disruption to the regulation of product manufacturers as possible.