Consultation on updated proposed amendments to the Unfair or Deceptive Acts or Practices Rule

Thank you for providing your feedback on FSRA’s proposed Guidance on amendments to the Unfair or Deceptive Acts or Practices Rule

The request for submissions is now closed.

We appreciate the comments and questions received to date and look forward to sharing with you the final Guidance. Stay up to date on Guidance releases on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.

The Financial Services Regulatory Authority of Ontario (FSRA) is taking additional steps to gather public input and better protect consumers.

We are holding further consultations on an updated proposed amendment to the Unfair or Deceptive Acts or Practices (UDAP) Rule.

The updated proposed amendment would address concerns about deferred sales charges (DSCs) for customers who already own individual segregated fund contracts with DSCs.

If the updated proposed amendment is approved, insurers may simplify the information they provide customers if they give the customer a new sales charge option that is better than a DSC in every way.

Consultation on the updated proposed amendment is now open and will close on June 30, 2023. FSRA will submit a final proposed amendment to the Minister of Finance for approval after reviewing consultation feedback.

Learn more:

• Review and submit your feedback on updated proposed amendments to the Unfair or Deceptive Acts or Practices Rule
• Industry and consumer advocates, including FSRA’s Consumer Advisory Panel, shared feedback during the public consultation on proposed Amendment 2. View a summary of stakeholder comments and FSRA’s responses
• Revised proposed Amendment 2 to the UDAP Rule

For your convenience, here is a blackline showing the revised proposed changes compared with the previously consulted on proposed Amendment 2

• Revised proposed Amendment 2 blacklined vs previously consulted on Amendment 2

For your convenience, here is a blackline showing the effect this revised proposed amendment would have on the Amended UDAP Rule:

• Unfair or Deceptive Acts or Practices Rule blacklined with proposed changes under revised Amendment 2

As required under the FSRA Act, here is the formal notice of the revised proposed rule amendments:

• Notice of Change to proposed UDAP Rule Amendment 2

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