Consumer Advisory Panel Members in Attendance

Sharon Altman-Leamen
Anish Chopra
Rhona DesRoches
Hitesh Doshi
Roger Gauthier
Harold Geller

Special Guests

Lucie Tedesco

FSRA Members in Attendance

Mark White – CEO
Caroline Blouin – EVP, Pensions
Tim Bzowey – EVP, Auto/Insurance Products
Guy Hubert – EVP, Credit Union and Prudential
Huston Loke – EVP, Market Conduct
Glen Padassery – EVP, Policy and Chief Consumer Officer
Jordan Solway – EVP, Legal and Enforcement
Judy Pfeifer – Chief Public Affairs Officer
David Bartucci – Director, Policy – Pensions
Joel Gorlick – Director, Policy – Market Conduct
Melissa Hogg – Director, Corporate Communications
Taryn Pimento – Director, Policy – Consumer Office
Stuart Wilkinson – Director, Policy – Auto/P&C
Antoinette Leung – Head, Financial Institutions and Mortgage Brokerage Conduct
Swati Agrawal – Senior Manager, Market Conduct – Licensing and Market Conduct Division
Mark Eagles – Senior Manager, Pension Policy
John Slowakiewicz – Senior Manager, Policy – Strategic Policy


  • The Panel and FSRA discussed FSRA priorities and activities, including sector-specific and cross-sectoral initiatives.
  • FSRA sought the Panel’s advice on FSRA’s approaches to protecting consumers of the regulated sectors.
  • FSRA sought the Panel’s advice on key cross-sectoral policy projects and consumer focused research.
  • The Panel expressed an interest in continuing to discuss specific topics with FSRA over the coming months.

Discussion Topics of Focus

Panel Member Public Communications

  • The Panel and FSRA discussed the topic of Panel member communication with the media, including support that FSRA can provide to members through the Consumer Office.

Fair Treatment of Consumers Harmonization

  • The Panel received an overview of FSRA’s efforts to harmonize guidance for the fair treatment of consumers in the insurance industry.
  • FSRA discussed its proposed next steps, including public consultation on draft Approach guidance later this year.

Insurance Supervisory Approach for 2020-21

  • FSRA highlighted three areas of focus for the 2020-21 Supervisory Approach for Life and Health Insurance:
    • Insurer reviews for Fair Treatment of Consumers
    • Thematic review of Insurer-Managing General Agency (MGA) Relationship
    • Life Agent Reporting Form (LARF)
  • The Panel raised considerations regarding the Supervisory Approach, including consumer protection gaps and opportunities for improving how information is communicated to consumers.

Mortgage Brokering Supervisory Approach for 2020-21

  • The Panel received an overview of three primary goals for the 2020-21 Supervisory Approach for Mortgage Brokering:
    • Borrower Protection
    • Capital Formation
    • Investor Protection
  • FSRA discussed some of the focus areas for 2020-21, including predatory lending and supervision at mortgage brokerages.
  • Panel members noted the importance of a flexible approach given anticipated changes in the coming months to current COVID-19 government support programs.

Syndicated Mortgages Supervisory Approach for 2020-21

  • The Panel received an overview of the 2020-21 Supervisory Approach for Syndicated Mortgage Investments (SMIs).


  • The Panel received an update on the following Pension initiatives:
    • Actively Monitored Plan Approach
    • New Portability Approach
    • A review of Multi-Employer Pension Plans
    • Missing Members
  • The Panel and FSRA discussed the challenges that members face with understanding the value of their Commuted Value Transfer.
  • FSRA and the Panel also briefly discussed potential approaches for the Panel to provide feedback to FSRA on public consultations (e.g., Missing Members Guidance).

Financial Planner/Financial Advisor Proposed Title Protection Approach

  • The Panel received an update on progress made on the title protection framework for financial planners and financial advisors.
  • Panel members raised questions about requirements for credentialing bodies, and the role of FSRA in overseeing the use of the “financial planner” and “financial advisor” titles.
  • FSRA and the Panel discussed the opportunity for the Panel to provide a formal submission(s) to represent consumer perspectives during the public consultation.

Auto Insurance Update

  • The Panel was updated on the following auto insurance initiatives:
    • COVID-19 measures, including consumer relief and guidance to protect auto insurance Statutory Accident Benefit claimants
    • Take-All-Comers consultation
    • Proposed new rate posting approach
    • Planned Citizens’ Reference Panel
  • FSRA provided an update on the results of its survey to insurers regarding emergency relief efforts. Panel members noted the importance of checking directly with consumers when assessing whether consumers have been treated fairly.
  • In the context of a discussion on the Take-All-Comers consultation, FSRA sought feedback from the Panel on how they would like to be engaged going forward.
  • FSRA provided the Panel with an overview of the new proposed approach to publishing auto insurance rate approvals. Panel members endorsed this new approach and noted that it would result in greater transparency for the public.
  • FSRA provided an update on a planned Citizens’ Reference Panel, a public engagement tool to collect and examine feedback from Ontarians on key matters regarding auto insurance products and system trade-offs. The CAP members noted the importance of representative membership on the Reference Panel and including people who have been in accidents.

Cross-sectoral Policy Initiatives

  • FSRA provided an overview of preliminary work on three cross-sectoral policy initiatives:
    • Disgorgement
    • Complaints
    • Whistleblowers
  • The Panel was supportive of FSRA’s approach to the work on disgorgement, and suggested that FSRA consider the disbursement of funds, obtained by way of disgorgement, to victims.
  • The Panel was supportive of FSRA’s work on complaints resolution, and offered considerations as well as suggestions for best practices research, and engagement with regulators and OmbudServices.
  • FSRA discussed recently initiated work to establish a whistleblower program. Panel members expressed an interest in receiving a more in-depth briefing on whistleblowing at an upcoming meeting, in order to support a more fulsome Panel discussion.

Consumer Insights Research Project

  • FSRA provided an overview of its progress on consumer insights research, including:
    • the development of consumer segment maps for each regulated sector;
    • the process for gathering and using consumer insights; and
    • proposed research questions to guide preliminary primary research with consumers of the regulated sectors.

Website Improvement

  • FSRA noted that it is undertaking a longer-term project to improve the website. In the interim, FSRA shared updates to the content and presentation of information for consumers on the consumer landing page of the FSRA website.