FSRA Exchange Event 2022

2022 FSRA Exchange Event

FSRA extends its appreciation to the nearly one thousand people who participated in the regulator’s first ever Exchange Event held on January 27, 2022. It focused primarily on principles-based regulation and the importance of enabling innovation across all the sectors FSRA regulates.

In case you missed it, the virtual event featured an address by Ontario Finance Minister Peter Bethlenfalvy, an in-depth interview with FSRA CEO Mark White, and expert panels on Principles-Based regulation and Innovation, as well as an address by FSRA Board Chair Joanne De Laurentiis.




WATCH: FSRA CEO Mark White explains how FSRA is working to protect drivers, pensioners, mortgage investors and how to balance competing interests in the sectors it regulates.

During his interview Mr. White spoke about FSRA’s transition to a Principles-Based Regulator.

“We are moving away from prescriptive checklists and a compliance focus. We want to evaluate regulated entities by, do they achieve the desired outcomes,” said White. “And with Principles-Based Regulation entitles are expected to understand and achieve the desired outcomes and they can do so in a way that’s suited to their size, nature and complexity of their business and where they are in the marketplace, it’s not one size fits all.”

Mr. White was also asked about how FSRA is working to protect drivers, pensioners, mortgage investors and how to balance competing interests in the sectors it regulates.

Mr. White emphasized that to make Principles-Based Regulation work there needs to be a cultural shift by both the regulator and the regulated, but perhaps most importantly there needs to be open communication, collaboration and transparency. During her address Ms. De Laurentiis made it clear that FSRA wants to hear from everyone.

"As the Board Chair of FSRA I want to challenge the leadership in all the sectors we regulate to collaborate and engage with us," said De Laurentiis. "We want to hear from you, and your consumers, and hear your ideas about where the sector is today and where it is going and needs to go, in order to meet the needs of those who buy your product or use your services."

During the Exchange Event discussion also centered around the ability of a regulator to enable innovation in the financial services sector.

FSRA has established a new Innovation Office which recently released an Innovation Framework along with Test and Learn Environment Guidance. The goal of the Innovation Office is to help emerging and existing innovators develop their ideas in a sustainable, responsible and accessible way, while maintaining consumer confidence in financial services. One of the expert panelists, Dr. Ford said a regulator can enable innovation if it's Principles-Based.

"Principles-Based Regulation is absolutely the right system for thinking about private sector innovation and how to deal with it," said Dr. Ford.  "A purely rules-based system is going to produce maybe one of a couple of different outcomes, one will be that it will stifle innovation good, bad or otherwise, because the rules just prevent any kind of flexibility or creativity on the part of industry actors and on the part of the regulators."



WATCH: Experts like Dr. Cristie Ford, Professor at UBC’s Allard School explain why FSRA’s principles-based approach to regulation is going to help unlock new innovations.

During the Innovation Panel, Director of Financial Health at Fintech Cadence, Elvis Wong told the Exchange Event that FSRA’s new Innovation Panel will help encourage start-ups to invest in Ontario.

“What they want isn't no regulation. What they want is clear regulation and guidelines so that they know how to operate and what they can do. And, more importantly we've talked a lot about principles-based regulation. They want to feel like they're being encouraged by the sector as well.”



WATCH: Director of Financial Health at Fintech Cadence, Elvis Wong explains how FSRA’s new Innovation Office will help encourage start-ups to invest in Ontario.

Ontario Finance Minister Peter Bethlenfalvy applauded the provincial regulator for the progress it has made in less than three years.

“It's really hard to believe given everything that you have accomplished in such a short period of time that FSRA is still a very young organization, but you have already revolutionized the way non-securities financial services and pensions are regulated in Ontario,” said Minister Bethlenfalvy. “Your work will plan an instrumental role in Ontario's economic recovery and growth well into the future. But it's also important to remember what a critical role you play in the everyday lives of the people of our province. And the important role you play in continuing to serve the interests of the public.”


Please note that if you submitted questions during the event and we did not have the opportunity to address it, those questions along with their responses are now posted below.

The entire 2022 FSRA Exchange Event can be viewed here: