Cross Sector
Public comment closed
Comment Due Date

The Financial Services Regulatory of Ontario (FSRA) is setting out its approach to principles-based regulation, which will enhance consumer protection, facilitate innovation and ultimately lead to more efficient and effective regulation.

Where possible, FSRA is moving away from "prescriptive checklists" and encouraging entities to internalize regulatory requirements and work towards achieving desired regulatory outcomes based on their size, complexity, and risk profile.

Adopting principles-based regulation represents an important cultural change for both the regulator and the regulated, now putting the emphasis on communication, collaboration and transparency on both sides of the regulatory relationship.

FSRA is consulting on its proposed Principles-Based Regulation Approach Guidance that sets out:

  • FSRA’s Framework Principles for principles-based and outcomes-focused regulation (“Framework Principles”)
  • how principles-based regulation is reflected in FSRA’s approach to regulation and supervision
  • how FSRA’s Framework Principles will be implemented

FSRA invites stakeholders and the public to provide feedback until April 29, 2022.

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Sector Comment Date posted Sort ascending
Credit Unions and Caisses Populaires
[2022-006] Sunny Sodhi - Meridian

Financial Planners and Advisors
[2022-006] Matthew Latimer - FMFD

Life and Health Insurance
[2022-006] Rob Dobbins - The Canadian Association of Financial Institutions in Insurance

Auto Insurance
[2022-006] Julie Nolette - Intact

[2022-006] David Gordon - CAAT Pension Plan

Life and Health Insurance
[2022-006] Brent Mizzen - Canadian Life and Health Insurance Association
Attached please find CLHIA's submission on FSRA Approach to “Proposed Principles-Based Regulation”.
Financial Planners and Advisors
[2022-006] Paniz Ghazanfari - Advocis
Dear Sirs/Mesdames,

On behalf of Advocis, The Financial Advisors Association of Canada, please find attached our response to FSRA's consultation on the proposed principles-based regulation approach guidance.

Best Regards,
Paniz Ghazanfari
Associate Director, Legal and Regulatory Affairs
Auto Insurance
[2022-006] Rhona DesRoches - FAIR Association of victims for Accident Insurance Reform
Thank you for the opportunity to provide input on the proposed Principles-based regulation (PBR) guidance.
See attachment from FAIR
Property and Casualty and General Insurance
[2022-006] Scott Parry - Desjardins
On behalf of Desjardins, I am pleased to respond to your request for comment on the proposed Financial Services Regulatory Authority of Ontario’s (“FSRA”) approach to principles-based regulation (“PBR”).
[2022-006] Danelle Parkinson - Ontario Pension Board
Please find attached OPB's submission regarding principles-based regulation. If you have any questions, please feel free to contact us.
Life and Health Insurance
[2022-006] Michel Paquet - Manulife

Auto Insurance
[2022-006] Catherine Allman - Canadian Association of Direct Relationship Insurers
Please find attached CADRI's comments on 22-06 proposed Approach Guidance on Principle-based Regulation.
Life and Health Insurance
[2022-006] Andrew Fink - HUB Financial Inc.

Auto Insurance
[2022-006] Kim Donaldson - IBC
Attached is IBC's submission. Thank you, Kim
Credit Unions and Caisses Populaires
[2022-006] Andrei Belik - Canadian Credit Union Association
CCUA Submission attached.
Credit Unions and Caisses Populaires
[2022-006] Stephen - Bolton
Please find attached our full commentary on the proposed guidance. Thanks.
Financial Planners and Advisors
[2022-006] K. Kivenko - Kenmar Associates

Cross Sector
[2022-006] Jim Poapst
I am a mortgage broker and commend FSRA for its progressive thinking in implementing a PBR approach. I suspect there will be challenges in regulating the highly diverse, dynamic and quickly evolving nature of the mortgage brokerage industry but consider this to be an enlightened approach with great potential for all parties concerned. I am perhaps an old school practitioner - I work for one side only and am a true believer in full due diligence, full true and plain disclosure, exhaustive market coverage on behalf of my client and fulfilling the entire ambit of fiduciary duty. Frankly, in completing the most recent Mortgage Update course, I was surprised by the idea expressed therein of serving as an "intermediary" which seemed to diminish the full dedication required of the mortgage broker to best serve its client.
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