The new Financial Services Regulatory Authority of Ontario (FSRA) has cut just over half of the guidance that it inherited from its regulatory predecessors.
The FSRA, which replaced the Financial Services Commission of Ontario and the Deposit Insurance Corp. of Ontario in June 2019, has issued a progress report that details its efforts to reduce the regulatory burden in the sectors it oversees.
The regulator reported that it has reviewed over 1,000 pieces of inherited regulatory guidance, and cut 51% of it overall — reducing 1,039 pieces of guidance to 505 items.
The biggest cuts came in the life and health insurance sector, where 73% of guidance was eliminated, and the property and casualty insurance sector, which saw 69% of its guidance items eliminated.
“Our goal was to ensure we built a foundation for regulatory effectiveness and achieve a 25% reduction of inherited guidance by fall 2020 — with the help of our stakeholders, we have already well surpassed that target,” said Mark White, CEO of the FSRA.
“This is just the start. We will continue to build a principles-based and outcomes-focused regulator, and assist businesses in offering reliable and innovative financial products and services that meet the needs of Ontarians,” he said.
Additionally, the regulator said that it has streamlined data collection and filings, developed a new service standard and introduced a new guidance framework that aims to “streamline processes and provide greater clarity” to regulated firms.