FSCO commits to innovation, flexibility as it waits for review findings

FSCO is calling on stakeholders and the public to comment and provide input.

The Financial Services Commission of Ontario (FSCO) acting chairman and CEO have issued the 2017 draft statement of priorities, committing to innovation and fairness for all consumers and pension plan beneficiaries. Florence Holden and Brian Mills released the statement while awaiting the results of FSCO’s review.

Last year, the expert advisory panel appointed by the government to review the mandates of FSCO, the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO) submitted its final report to the Minister of Finance.

The report recommended some important and positive changes for the future of financial services regulation in Ontario, such as enhanced powers for the regulator that would strengthen its ability to enforce regulations.

In the fall of 2016, the government passed legislation to create and establish the initial parameters of the Financial Services Regulatory Authority (FSRA) – a new independent and flexible regulator that would be “more consumer-focused and improve protections for consumers, investors and pension plan beneficiaries.”

Since then, the government has created a temporary Secretariat responsible for supporting FSRA’s implementation.

“In the meantime, FSCO remains the financial services regulator in Ontario, and the FST will continue to hear cases on financial services matters. We will work diligently to continue to improve our effectiveness and responsiveness, while also being flexible and adaptable to change,” reads the report. “FSCO’s priorities for the coming year reflect our intention to focus on enabling innovation and reinforcing expectations to treat consumers and pension plan beneficiaries fairly – important themes that address the needs of today and align with those of the future.”

FSCO is calling on stakeholders and the public to comment and provide input on FSCO and the FST’s strategic direction for the year ahead. “We look forward to reading your submissions as we work to protect the public interest and enhance public confidence in our regulated sectors,” the report states.

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Transcontinental Media G.P.