The Financial Services Regulatory Authority of Ontario (FSRA) is now consulting on proposed Guidance designed to improve consumer protection by appropriately sanctioning persons and entities not in compliance with sector statutes, regulations and FSRA rules and requirements.
The Guidance sets out when Administrative Monetary Penalties are imposed and how the amounts are determined. This approach supports transparency, fairness and consistency.
We encourage all interested stakeholders to provide feedback by May 31st, 2023. Your feedback will help inform our final approach.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness and choice for consumers.
Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.
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Question: How would the penalty achieve your objective when FSRA would not even give a yes or no answer to a complaint/question about an insurer's unfair or deceptive acts or practices? Why can't you work on the process of transparency first before dwelling on the penalty amount?