Consumer Advisory Panel members
Laura Tamblyn Watts, Chair
FSRA staff / Presenters
Glen Padassery, EVP, Policy & Chief Consumer Officer
Mark White, Chief Executive Officer
Jordan Soloway, EVP, Legal and Enforcement
Judy Pfeifer, Chief Public Affairs Officer
Stuart Wilkinson, Director, Consumer Office (CO)
Rhea Tubigan, Senior Advisor, CO
Fern Karsh, Senior Policy and Technical Lead, CO
Jisha Sarwar, Senior Policy and Technical Lead, CO
Francina Contreras Gómez, Policy Analyst Coop, CO
Sharon Laurie, Director, Communication Services
Dan Miles, Director, Corporate Communications
Andrea Foy, Senior Manager, Financial Planners/Advisor
Joel Gorlick, Director, Policy – Market Conduct
Hussein Lalani, Head, Policy – Core Regulatory
Elissa Sinha, Director, Litigation and Enforcement and Deputy General Counsel, Legal and Enforcement
Siddhartha Kalita, Legal Counsel, Legal and Enforcement
Chris Georgakopoulos, Senior Manager, Credit Union
Michele Anderson, Senior Policy and Technical Lead, Credit Union
Antoinette Leung, Head, Financial Institutions and MB Conduct Jennie Hodgson, Senior Manager, Mortgage Broker Conduct
Rocca D’Angela, Senior Manager, Mortgage Brokers
- The Panel presented a summary of the 2023-24 Statement of Priorities consultation feedback.
- The Panel and FSRA discussed the consumer education campaign and FSRA’s Exchange Event.
- FSRA seeked the views of the Panel on the effectiveness and transparency of the FSRA’s AMP regime and discussed the guidance.
- The Panel and FSRA discussed the Mortgage Suitability Assessments.
- FSRA seeked the Panel’s feedback on the policy approach under the Financial Planner/ Financial Advisor Title Protection Framework.
- The Panel and FSRA discussed the proposed credit union rule governing unclaimed deposits.
- The Panel and FSRA discussed the recruitment process for the coming term and changes to the terms of reference.
- FSRA presented an overview of the 2022 Consumer Advisory Panel annual report.
Item 1: Welcome and introductory
- FSRA welcomed all Panel members and provided an overview of the agenda.
- The Panel approved the summary of the previous meeting held on September 20, 2022.
Item 2: Statement of priorities consultation
- The Panel Chair presented an overview of the Statement of Priorities Consultation Document containing the Panel’s feedback on the Statement of Priorities (SOP) for 2023-2024.
Item 3: Consumer education campaign briefing – All campaigns
- FSRA provided an update on the Consumer Education Campaigns, and how the Panel’s past feedback has been implemented this year.
- FSRA highlighted that Consumer Education Campaigns are running consistently since September until January, creating a consistent presence in the marketplace.
- FSRA extends an invitation to the Panel for the FSRA Exchange on January 19, 2023.
Item 4: Cross-sector Administrative Monetary Penalties (AMP) Guidance
- FSRA presents the Cross-Sector Administrative Monetary Penalties Enforcement Interpretation and Approach Guidance.
- The Panel suggested that the AMPs are published, suggesting this would help with deterrence. FSRA highlighted that ever since January 2022 all AMPs are published.
Item 5: Proposed Mortgage Suitability Guidance
- FSRA presented the proposed Mortgage Suitability Guidance.
- FSRA asks for the Panel’s feedback on what are the most effective ways to make sure clients understand the reasons as well as the features and limitations of mortgage that are recommended to them.
- The Panel expressed that it is important to maintain a plain language to achieve consumer protection.
- The Panel expressed its concerns regarding the suitability standard.
- The Panel highlighted that this guidance is very timely, and that as quickly as FSRA can implement it the better.
- FSRA acknowledged the Panel’s observations and concerns and will take them into consideration for the improvement of the proposed Mortgage Suitability Guidance.
Item 6: Financial Planner/Advisor Title Protection Framework
- FSRA provides a brief explanation of the Financial Planner/Financial Advisor Title Protection Framework.
- FSRA asks for the Panel’s feedback on the FP/FA Public Registry.
- FSRA acknowledged the Panel’s observations and concerns and will take them into consideration for the improvement of the FP/FA Title Protection Framework.
Item 7: Proposed Unclaimed Deposits Rule
- FSRA presented on proposed Credit Union (CU) Rule Governing Unclaimed Deposits.
- The Panel Chair suggested the creation of a working group to discuss this topic in more depth. All Panel members agreed.
Item 8: Consumer Advisory Panel terms of reference update
- FSRA expressed that they are in the process of receiving applications for the Consumer Advisory Panel members 2023-2024. Applications will be received until November 18th.
- FSRA presented the update of the Terms of Reference.
Item 9: 2022 Consumer Advisory Panel annual report
- FSRA presented the overview of the process and asked for the Panel’s insights on what to include in the Consumer Advisory Panel Annual Report.
Item 10: Closing remarks
- FSRA thanked all Panel members for attending the meeting and their contributions.
- The Panel Chair proposed a motion to write a letter to the Board thanking FSRA for their work with the Panel. All Panel members agreed.