The Financial Services Regulatory Authority of Ontario (FSRA) is a new, independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.

FSRA was established on the recommendation of an independent expert advisory panel that reviewed the mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO).

When operational, FSRA will regulate many sectors that are important to Ontario consumers and pension plan beneficiaries:

  • property and casualty insurance
  • life and health insurance
  • credit unions and caisses populaires
  • loan and trust companies
  • mortgage brokers
  • health service providers (related to auto insurance), and
  • pension plan administrators.

FSRA will be an innovative, flexible, self-funded regulator capable of responding to the dynamic pace of change in marketplace, industry and consumer expectations. It will play a key role in setting regulatory direction and ensuring efficient, responsive regulation to:

  • protect consumers
  • encourage innovation and competition for incumbents and new entrants
  • promote market integrity and stability.

On December 14, 2017, proposed legislative amendments in Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017, received royal assent. They further clarify FSRA’s statutory objects related to the financial services and pension sectors.

For financial services providers, FSRA will

  • promote high standards of business conduct;
  • protect the rights and interests of consumers; and
  • foster strong, sustainable, competitive and innovative financial services sectors.

For pension funds, FSRA will

  • promote good administration of pension plans; and
  • protect and safeguard the pension benefits and rights of pension plan beneficiaries.

At this time FSRA is establishing its organization and developing a transition plan to assume regulatory functions currently under the auspices of other Ontario agencies.