The Financial Services Regulatory Authority of Ontario (FSRA or “the Authority”) is pleased to provide its FY2021-2024 Annual Business Plan.
It outlines FSRA’s priorities, strategic direction, financial overview and supporting activities.
FSRA is an independent regulatory agency, created to improve consumer and pension plan beneficiary protections in Ontario. The Authority was launched in June 2019 to replace the Financial Services Commission of Ontario
(FSCO) and the Deposit Insurance Corporation of Ontario (DICO).
FSRA protects Ontario consumers, which includes the public, credit union members pension plan beneficiaries, investors and other stakeholders. It does so by providing prudential and/or conduct regulation and supervision of:
- property and casualty (P&C) insurance (including auto insurance rates);
- life and health insurance;
- credit unions and caisses populaires;
- loan and trust companies;
- mortgage brokers;
- health services providers (related to auto insurance);
- pension plans; and
- financial planners and advisors (proposed).
The Annual Business Plan focuses FSRA’s activities on achieving regulatory efficiency (including burden reduction) and effectiveness, while protecting the interests of consumers.
Each of the priorities focus on improving supervision capability, enhancing/implementing regulatory framework components, protecting consumers and/or gaining a better understanding of consumer financial service needs.
The priorities of the credit union, life and health insurance, and mortgage brokering sectors focus on conduct and/or prudential regulation. These are intended to improve sector stability and maintain public trust.
The P&C/auto insurance sector priorities aim to enhance consumer choice, increase transparency, promote innovation, and foster just and reasonable rates and integrity, competition and stability, in the auto insurance marketplace.
Pension oversight will evolve its predictive analysis and capabilities with respect to the Pension Benefit Guarantee Fund (PBGF)-eligible pension plans. The goal is to improve outcomes for pension plan members.
Financial Services Regulatory Authority of Ontario – 2021-02-26.
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