FSRA releases 2023-2024 Annual Report
Ontario’s Financial Services Regulator (FSRA) is pleased to release its 2023-2024 Annual Report, which highlights its activities and achievements over the past year and its commitment to accountability to the people of Ontario and the Minister of Finance.
In the past year, FSRA has made significant strides in transitioning to a principles-based regulatory model while maintaining necessary prescriptive rules and guidance. This innovative approach ensures consumer choice, fairness, and safety, while empowering financial services entities to innovate.
Key highlights include:
- approval of the first Test and Learn Environment (TLE) application, enabling innovative distribution methods for commercial insurance
- implemented the Geographic Territory TLE for Auto Insurance. Launched in January 2024, this initiative promotes fair auto insurance rates across Ontario.
- published the IT Risk Management Guidance to safeguard consumer interests in regulated sectors
- strengthened public engagement, including sponsoring a consumer advocate meeting hosted by FSRA’s Consumer Advisory Panel
- launched the Grant Funding Program to support educational and research initiatives with conditional approvals totaling $354,000
As we look ahead, FSRA will continue to focus on regulatory efficiency, consumer protection, and embracing innovation. With upcoming leadership changes, including the recruitment of a new CEO, FSRA is well-positioned to build on its achievements and face future challenges.
We extend our gratitude to our Stakeholder Advisory Committees, Technical Advisory Committees, and the Consumer Advisory Panel for their invaluable input.
We also thank our dedicated management and staff for their commitment, and we look forward to continuing our work in serving all our stakeholders.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.