Ontario’s new provincial regulator, the Financial Services Regulatory Authority of Ontario (FSRA), officially launches on June 8.
The new independent, self-funded regulator, which oversees provincially regulated insurers, credit unions, trusts and pensions, replaces both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).
While the FSRA was an initiative of the previous provincial government, the new government has continued the effort, but has shifted its policy focus to reducing regulatory burdens.
“Its mandate is to be open—open to new ideas, open to business, and open to consumer needs. FSRA has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses,” provincial finance minister Vic Fedeli said in a statement.
The government said the new agency will play a part in fulfilling its regulatory objectives for the financial sector, including its plan to regulate titles for financial planners and advisors.
“Our government recognizes that making Ontario open for business means making sure financial services are efficient, responsive to consumers and businesses—FSRA will play a vital role in helping businesses grow while protecting consumers,” Fedeli added.
FSCO’s dispute resolution services will be administered by the government until June 30, 2020. “During the transitional period, all open cases will continue, however no new proceedings will commence,” it said.