FSRA Consumer Advisory Panel

Meeting 3 – November 17, 2025
Meeting notes

Panel members

Lucy Becker, Co-Chair
Harvey Naglie, Co-Chair
Edwin Weinstein
Julie Kuzmic
Leeann Corbeil
Liisa Woolley
Ninette Ibanez
Peter D’Iorio
Samuel Lichtman
Terri Williams Kinghorn
Zahir Dharsee

Regrets:

Laura Tamblyn Watts
Ellen Bessner
Karina Souza

FSRA staff/presenters

Glen Padassery, EVP, Policy & Auto Insurance
Antoinette Leung, EVP, Market Conduct
Jordan Solway, EVP, Legal & Enforcement
Chris Zolis, Head, Forensic Analysis and Investigations
Manit Ramchandani, Articling Student, Legal and Enforcement
Daniel Padro, Head, Core Regulatory Policy
Stuart Wilkinson, Chief Consumer Officer
Joel Gorlick, Head, Cross-Sectoral Policy
Elissa Sinha, Director, Litigation and Enforcement and Deputy General Counsel
Carley Bellissimo, Senior Manager, Corporate Communications
Trevor McKillop, Senior Manager, Strategic Policy
Diana Green, Senior Policy & Technical Lead, Consumer Office
Julia Carter, Senior Policy & Technical Lead, Strategic Policy
Sarah Wilson, Senior Advisor, Communications
Dillon Byrd, Project Assistant, Policy

Ministry observer

Marlo Spence Lair – Director, Capital Markets & Agency Relations Branch, Ministry of Finance
Fatima Niyaz – Policy Lead, Agency Relations and Regulatory Policy Unit, Ministry of Finance

Summary:

  • The Panel discussed its engagement approach with FSRA, emphasizing the importance of prioritizing cross-sectoral topics at general meetings, providing feedback at the right time, and receiving updates on how feedback is implemented.
  • The Panel provided feedback on FSRA’s 2026-2027 Statement of Priorities.
  • Panel members shared reports from working groups, including the Target Benefit Pension Supervision Working Group, the Complaints Working Group, and the Segregated Funds Working Group.
  • FSRA’s Legal and Enforcement area presented on FSRA’s role within the regulated sectors as it relates to privacy legislation.
  • The Consumer Office provided a recap of previous meeting outcomes and discussed the recent call for new Panel members.

Item 1: Welcome and introductory

  • The Panel Co-Chair thanked everyone for attending and gave a land acknowledgment.
  • The Panel was reminded of its commitment to confidentiality, disclosing any conflicts of interest, and following the Panel’s Code of Conduct.

Item 2: Panel engagement approach

  • The Panel Co-Chair discussed the importance of effectively engaging with FSRA and the ways the Panel might best add value going forward, such as:
    • engaging FSRA at the right time in its processes
    • focusing on broader, cross-sectoral topics
    • responding to clearly articulated questions from FSRA to provide effective and meaningful feedback
    • establishing a feedback mechanism to track which suggestions were adopted and why
  • FSRA thanked the Panel for its feedback and reaffirmed FSRA’s commitment to engaging with the Panel in an inclusive and meaningful way, citing examples like the Financial Professionals Title Protection Framework.
  • The Panel expressed interest in developing an internal system to store and share information more effectively.

Item 3: 2026-2027 Statement of Priorities

  • FSRA provided a brief summary of the development process for the 2026-2027 Statement of Priorities (SOP) and invited the Panel’s feedback on the draft.
  • Panel members suggested prioritizing cross-sectoral issues and considering whether certain priorities could be addressed as cross-sectoral initiatives that could be adapted for each sector as needed.
  • The Panel questioned whether the SOP was too broad, posing a risk that the key initiatives identified might not be achieved within a one-year timeframe.
  • The Panel also recommended adding the complaints handling framework as a priority as well as prioritizing data collection across regulated sectors to better understand industry trends and monitor consumer harm.
  • FSRA pointed out that the SOP and the Strategic Framework are high-level documents that do not capture all of FSRA’s initiatives and ongoing projects.
  • The Panel committed to making a written submission addressing the specific questions asked by FSRA.
  • The Panel stressed the importance of measuring the success of the SOP, suggesting FSRA consider using a program logic model, similar to the approach used by Treasury Board Secretariat to assess the efficacy of programs.
  • The Panel Co-Chair commented that, to achieve meaningful impact through engagement and collaboration, FSRA should develop a comprehensive framework for engaging stakeholder that includes industry, consumers and other organizations in an appropriate balance.

Item 4: Working group / Ad hoc engagement report backs

  • A Panel member provided a brief report-back on the Target Benefit Pension Supervision Working Group and its discussion with FSRA’s Pension team.
  • A Panel member provided an update on the Complaints Working Group meeting with FSRA. Members discussed opportunities to use surveys to identify common complaint issues. The Panel reiterated that it would like to see complaints handling identified as a priority initiative in the SOP.
  • The Panel also expressed concern with forthcoming changes to Statutory Auto Accident Benefits Schedule (SABS) options coming into force on July 1, 2026, and their potential link to consumer harm and complaints.
  • A Panel member updated the Panel on the Segregated Funds Working Group’s discussion with FSRA regarding chargebacks in segregated funds and orphaned insurance policies.

Item 5: Privacy and FSRA’s role in the regulated sectors

  • FSRA provided an overview of the privacy regulations governing FSRA and its regulated sectors. They emphasized the importance of strong privacy practices from both a compliance and operational perspective, noting that weak privacy practices can undermine sector integrity and pose significant risks to consumers.
  • FSRA presented information on privacy in relation to Artificial Intelligence (AI) and Open Banking (also known as Consumer-Driven Banking), which are two growing areas of importance for FSRA and the financial services sector.
  • The Panel expressed interest in seeing stronger emphasis on privacy protection and consumer harm within FSRA’s strategic plan.

Item 6: Previous meeting outcomes and recap

  • The Consumer Office gave an overview of FSRA’s responses to topics of interest to the Panel from previous meetings and shared updates on submissions from this Fall.
  • The Panel Co-Chair encouraged members to distribute the Call for Members and make recommendations for Panel membership to anyone in their networks who would be strong candidates.

Closing remarks

  • The Panel Co-Chair thanked the Panel members and FSRA attendees for their attendance at the meeting.
  • Consumer Office will cancel the December 10 Policy Lab meeting.

Next meeting:

  • Thursday, February 12, 2026, from 12:00PM to 4:00PM – Virtual Meeting