TORONTO: The Ontario government says it is combining two agencies to create one regulator of pensions and financial services aside from securities.
Finance Minister Vic Fedeli says the new agency has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses.
He says it will assist the Progressive Conservative government’s priorities, including reforming auto insurance and enhancing consumer protection by establishing title protection for financial planners and financial advisers.
The Financial Services Regulatory Authority of Ontario (FSRA) replaces the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario as an integrated, independent and self-funded regulator as of Saturday.
It will regulate Ontario’s insurance sector, pension plans, loan and trust corporations, credit unions and caisses populaires, mortgage brokers and service providers who invoice auto insurers for statutory accident benefit claims.
The Ministry of Finance will administer the Financial Service Commission’s dispute resolution services until June 30, 2020. All open cases will continue until that date and new ones can open with the Licence Appeal Tribunal.