Consumer Advisory Panel Members
Laura Tamblyn Watts
FSRA Management and Presenters in Attendance
Mark White – CEO
Glen Padassery – EVP, Policy and Chief Consumer Officer
Jordan Solway – EVP, Legal & Enforcement
Judy Pfeifer – Chief Public Affairs Officer
David Bartucci – Director, Policy – Pensions
Joel Gorlick – Director, Policy – Market Conduct
Marlena Labieniec – Director, Policy – Innovation Office
Daniel Padro – Director, Policy – Credit Union
Taryn Pimento – Director, Policy – Consumer Office
Elissa Sinha – Director, Litigation and Enforcement and Deputy General Counsel
Stuart Wilkinson – Director, Policy – Auto/P&C
Heather Kay – Senior Manager, Policy – Strategic Policy
Victoria Lesau – Senior Manager, Policy – Auto Reform
Thera Medcof – Senior Manager, Policy – Life and Mortgage Brokers
Tim Miflin – Senior Manager, Policy – Financial Planners/Advisors
Chris Caldarelli – Senior Policy & Technical Lead, Policy – Market Conduct
Daniel Zhan – Senior Policy & Technical Lead, Policy – Innovation Office
James Langlois – Senior Policy Analyst, Policy – Consumer Office
Shamaila Mian – Senior Policy Analyst, Policy – Auto Reform
James Tennant – Senior Policy Analyst, Policy – Innovation Office
- The Panel and FSRA discussed a number of topics from the Panel’s 2021 Work Plan, as well as additional items of interest.
- The Panel and FSRA discussed opportunities for the Panel to participate in upcoming public consultations.
- A scheduled agenda item for this meeting, Life Agent Report Form (LARF) Summary Report, was postponed to the next Panel meeting (July 29).
Discussion Topics of Focus
Welcome and Meeting Overview
- FSRA welcomed Panel members to the third official Consumer Advisory Panel meeting of the 2021 term.
- FSRA provided a brief overview of the agenda for the meeting.
- FSRA provided an overview of its work on complaints resolution, including:
- FSRA’s proposed vision for complaints resolution; and
- FSRA’s proposed approach to its upcoming public consultation.
- The Panel and FSRA discussed considerations, including:
- Additional research and practices on complaints resolution for FSRA to consider;
- Alignment with other cross-sectoral policy projects; and
- How the Panel can contribute to FSRA’s plans for public consultation on complaints resolution.
Innovation Framework and Exemptive Authority
- FSRA presented its innovation journey and proposed innovation framework, including:
- FSRA’s innovation ambition and guiding principles;
- FSRA’s innovation process;
- FSRA’s Test and Learn Environment; and
- Exemptive authority.
- The Panel and FSRA discussed a number of topics pertaining to FSRA’s innovation-related work, including:
- How FSRA’s approach has been informed by the work of other regulators;
- FSRA’s role in innovation compared to industry’s role in innovation;
- How exemptive authority works in practice and what it means for consumers; and
- How consumers can inform FSRA’s innovation-related work.
Principles-Based Regulation (PBR) 101
- FSRA offered an overview of PBR, including:
- FSRA’s interpretation and understanding of PBR;
- The difference between prescriptive regulation and PBR;
- The benefits and challenges of PBR; and
- FSRA’s transition to PBR, including success factors for PBR.
- The Panel offered some PBR-related considerations for FSRA, including:
- The importance of striking the appropriate balance between setting clear expectations for regulated entities and providing flexibility;
- PBR’s ability to support diversity, equity, and inclusion in financial services;
- The relationship between PBR and effective supervision and enforcement; and
- The potential impact of PBR on consumers.
CISRO Principles of Conduct
- FSRA informed the Panel about the Canadian Insurance Services Regulatory Organizations’ (CISRO) proposed Principles of Conduct for Intermediaries, which reflect common regulatory standards for insurance intermediaries in Canada and outline professional behaviour and conduct expectations for the fair treatment of customers.
- FSRA sought feedback from the Panel on whether the proposed CISRO Principles could be a valuable tool for consumers, and Panel members offered considerations for FSRA to meaningfully communicate the CISRO Principles to consumers.
- Panel members raised questions regarding the potential impact of this principles-based approach on consumers and commented on the importance of monitoring outcomes.
Financial Professionals Title Protection Framework
- FSRA provided an update on its work related to the Financial Professionals Title Protection Framework, including:
- Feedback received during the first public consultation and how the Panel’s feedback influenced the current Financial Planners/Financial Advisors (FP/FA) title protection framework proposal;
- Findings of FSRA’s consumer research survey;
- The current (second) public consultation on the title protection framework; and
- Next steps with respect to establishing the fee structure for the title protection framework.
- FSRA invited the Panel to FSRA's Financial Professionals Title Protection Framework Technical Webinar on June 1 and encouraged the Panel to consider responding to the second (current) public consultation.
Total Cost Reporting (TCR)
- FSRA informed the Panel about the TCR Project, a joint project of Canadian Council of Insurance Regulators (CCIR) and Canadian Securities Administrators (CSA), which is intended to:
- Harmonize information consumers receive regarding segregated fund insurance contracts and mutual fund investments, to the extent possible; and
- Help consumers better understand the costs of their investments, benefits the costs pay for, implications of costs on investment performance, and how the information can help them choose suitable investments.
- The Panel provided feedback on the TCR project, including advice regarding the pieces of information that consumers should receive on statements.
- FSRA committed to following up with the Panel to discuss next steps, including opportunities for the Panel to participate in upcoming public consultations.
- The Panel’s next meeting is scheduled for July 29.