Engaging with our industry partners, consumers (including pension plan beneficiaries and credit union members), and other stakeholders is an integral part of the regulatory process and a key element of the FSRA mandate and business plan. We take a transparent and collaborative approach to engagement and ensure that the diverse voices of our constituent stakeholders inform our direction and decision making.
A collaborative approach to industry regulation
As a regulator, staying ahead of change in consumer markets is essential to our operations. By engaging with industry experts and consumers on a regular basis, we can respond quickly to new technologies, rules and consumer trends, ensuring the integrity and growth of our regulated industries.
In May 2019, we conducted a stakeholder survey to capture the current needs of our key stakeholders. We received 2,667 survey responses. Our stakeholders highlighted the importance of having consultations throughout the year and recommended that these consultations be separated by sector. Our stakeholders also stressed the importance of FSRA reporting on the outcomes of committee sessions and on how feedback was considered.
Active and Past Consultations
We continue to actively consult and engage with our stakeholders on a variety of issues. View our active and past consultations.
Stakeholder Advisory Committees (SACs) serve as consultation bodies to the FSRA Board on FSRA's priorities and budget and other matters as the Board deems appropriate. They are an important part of FSRA's stakeholder engagement process.
You can find more information about each committee by following these links:
- Property and Casualty (P&C) Insurance
- Life and Health Insurance
- Mortgage Brokering
- Health Service Providers
- Credit Unions
Consumer Advisory Panel
The Consumer Advisory Panel will serve as an advisory body to FSRA (through the Consumer Office), and provide ongoing advice from a consumer perspective, on proposed FSRA policy changes. It will play an important role in fulfilling FSRA’s mandate to protect the public interest in financial services in Ontario by ensuring that consumer input and perspectives inform our regulatory direction and decisions.
Technical Advisory Groups
Technical advisory groups and committees provide advice, input and feedback to FSRA management on matters related to the Rules of Practice and Procedure, Filing Requirements, Guidelines, operational policies and other matters.
Ad-hoc Technical Advisory Committees
FSRA has created three new ad-hoc Technical Advisory Committees to provide us with advice and feedback on key matters related to the pension sector. These committees help us to improve upon our processes and approaches to regulation and to reduce regulatory burden.
Click on each committee’s name to learn more about their mandate and the work that they are undertaking.
- Ad-hoc Technical Advisory Committee for Missing Members in the Pension Sector
- Ad-hoc Technical Advisory Committee for Asset Transfers
- Ad-hoc Technical Advisory Committee for the Supervision of Pension Benefits Guarantee Fund-Eligible Pension Plans
Rate Regulation Advisory Group
FSRA is committed to an open, transparent and collaborative approach that involves stakeholders and ensures broad input and perspectives to inform its direction. In our first year, streamlining the auto insurance rate regulation, burden reduction and regulatory effectiveness process is a key priority.
As a first step, and based on our commitment to enhanced stakeholder collaboration, FSRA has established a special purpose Rate Regulation Advisory Group. It will provide input into FSRA’s guiding principles for streamlining rate regulation and on proposed changes based on those principles.