ID
2020-014

Type
Priorités/budget
Secteur
Intersectoriel
État
Période de commentaires du public terminée
Date
Date de remise des commentaires

Nous accusons réception de vos commentaires sur l’ébauche d’énoncé des priorités de l’ARSF pour 2020-2021.

Nous remercions ceux et celles qui nous ont envoyé leurs commentaires et questions à ce jour. Nous en avons tenu compte dans la version finale de l’énoncé des priorités.

Cette consultation est maintenant terminée.

Pour apprendre davantage sur cette consultation

L’ARSF publie son ébauche des énoncés du budget et des priorités pour 2021-2022 en vue d’une consultation publique.

La consultation des intervenants au moyen d’une consultation publique est un élément essentiel de l’engagement de l’Autorité de réglementation des services financiers (ARSF) en matière de transparence et de reddition de comptes. En plus des consultations ciblées auprès des comités consultatifs des intervenants et du Comité consultatif des consommateurs, l’ARSF invite le grand public et tous les intervenants à prendre connaissance de l’ébauche d’énoncés du budget et des priorités pour 2021-2022 et à lui faire part de leurs commentaires.

L’ébauche des priorités présente des initiatives intersectorielles et sectorielles axées sur l’amélioration de l’efficacité et de l’efficience de la réglementation afin de mieux servir l’intérêt public. Le budget reflète les dépenses, les investissements stratégiques et les sources de financement proposés par l’ARSF pour réaliser son mandat et ses priorités énoncées.

Les énoncés du budget et des priorités constitueront le noyau du plan d’activités annuel de l’ARSF qui sera soumis à l’approbation du ministre des Finances.

Lien util

#En soumettant un contenu, vous acceptez que votre document soit publié sur notre portail de participation et utilisé dans des rapports ou d’autres documents préparés par l’Autorité de réglementation des services financiers (ARSF) et qui pourraient rendus publics. Nous avons modéré le contenu pour nous assurer que toutes les publications sont respectueuses et professionnelles. La Loi sur l’accès à l’information et la protection de la vie privée, L.R.O. 1990, chap. F.31, s’applique à tout contenu publié en ligne.

Secteur Commentaire Date postée
[2020-014] Kim Donaldson - Insurance Bureau of Canada
I am submitting this joint report on behalf of the Property and Casualty Insurance Industry SAC.
Secteur de l'assurance automobile
[2020-014] Matt Caron - Ontario Trial Lawyers Association (OTLA)
Please find OTLA's submission to FSRA's proposed FY2021-2022 Statement of Priorities. Please email should you have any questions or require any additional information.
Secteur de l'assurance automobile
[2020-014] Christie Brenchley - Ontario Society of Occupational Therapists
The Ontario Society of Occupational Therapists is pleased to support the Financial Services Regulatory Authority's development of 2020-21 priorities. Please see the Society's input attached below.
Secteur de l'assurance automobile
[2020-014] Julie Nolette - Intact Insurance
We are pleased to provide our thoughts on FSRA proposed 2021-2022 Statement of priorities.
Secteur de l'assurance automobile
[2020-014] Rhona DesRoches - FAIR Association of Victims for Accident Insurance Reform
Please find attached.
Thank you.
Secteur de l'assurance automobile
[2020-014] Vanessa Rankin - Ontario Association of Social Workers
The Ontario Association of Social Workers (OASW) is pleased to provide input to the Financial Services Regulatory Authority of Ontario (FSRA) regarding FSRA’s proposed 2021-22 Statement of Priorities. Please find our submission attached.

Thank you in advance for consideration of our submission and should you have any questions, please do not hesitate to contact me.

Sincerely,
Vanessa Rankin, MSW, RSW
Senior Policy Advisor
Email: [email protected] | Web: www.oasw.org
Ontario Association of Social Workers
Secteur de l'assurance automobile
[2020-014] Dr. Moez Rajwani & Dorianne Suave, Coalition Co-Chairs - The Coalition of Health Professional Associations in Ontario’s Automobile Insurance Sector (“The Coalition”)
Please accept our feedback on the FSRA Proposed FY2021-2022 Statement of Priorities.
Secteur de l'assurance automobile
[2020-014] Catherine Allman - Canadian Association of Direct Relationship Insurers
Please find attached CADRI's comments on FSRA's 2021-22 Statement of Priorities and Budget.
Secteur de l'assurance automobile
[2020-014] Erica Kelsey - Aviva Canada
Please see attached submission. Thanks!
Secteur des credit unions et caisses populaires
[2020-014] Bernard Brun - Desjardins
Bonjour,

Le Mouvement Desjardins soumet à l'attention de l'Autorité ontarienne de réglementation des services financiers ses commentaires dans le cadre de la consultation sur l'ébauche des énoncés du budget et des priorités pour 2021-2022.

Pour toute information additionnelle, n'hésitez pas à communiquer avec le soussigné.
Recevez mes salutations distinguées.

Bernard Brun
Vice-président
613 789-2468
Secteur des credit unions et caisses populaires
[2020-014] Stephen Bolton - Libro Credit Union
Thank you for the opportunity to provide feedback on FSRA's 2021-22 Statement of Priorities. Libro Credit Union offers the attached feedback within our response letter. We look forward to continue dialogue with FSRA on these important issues of mutual interest.
Secteur de l'assurances habitation, vie et maladie
[2020-014] Brent Mizzen - Canadian Life and Health Insurance Association
Attached please find CLHIA's comments on FSRA Statement of Priorities.
Secteur de l'assurances habitation, vie et maladie
[2020-014] Keith Martin - Canadian Association of Financial Institutions in Insurance (CAFII)

Secteur de l'assurances habitation, vie et maladie
[2020-014] Earleen Moulton - CAILBA

Secteur de l'assurances habitation, vie et maladie
[2020-014] Susan Allemang - Independent Financial Brokers of Canada
Attached is the response from Independent Financial Brokers of Canada (IFB)
Secteur des planificateurs et conseilers financiers
[2020-014] Jean-Francois Demore - Innova Wealth
Please prioritize open banking and the evolution of technology service providers inside Canada's banking industry.
Secteur des planificateurs et conseilers financiers
[2020-014] James Ryu - Advocis
Dear Sirs/Mesdames,

On behalf of Advocis, The Financial Advisors Association of Canada, please find attached our comments in regards to FSRA's draft 2021-22 Statement of Priorities.

Regards,
James Ryu
Secteur du courtage hypothécaire
[2020-014] J.P. Boutros - Mortgage Professionals Canada
On behalf of President and CEO Paul Taylor, please see the attached. Thank you.
Secteur du courtage hypothécaire
[2020-014] Anoop Bungay - MortgageQuote.ca
Kudos on your two new priorities, FSRA.

MQCC™ offers its leadership to you and your industry regulatees, on a Pan-Sector basis.

Best wishes,

Anoop Bungay
Secteur des régimes de retraite
[2020-014] Brian Jenkins - ActuBen Consulting Inc.
I think that you need consultation of the smaller pension plans (less and 50 members), especially the defined benefit plans, that are not really serviced by the committee you currently have. I think you need actuaries and consultants that see how these plans deal with day to day issues, of which reporting has become a major time problem. Large plan people don't grasp the issues.
In addition, small plans -- but larger ones too -- need innovative ideas to deal with both the low rates of return and negative real/nominal rates of return as well, as the funding issues related to the decrease work force that the closing of industry has entailed. I don't think higher fees from the regulators would be helping the situations that are there or coming.
The currency deflation and price inflation we currently see is going to be a very big problem for most plans and the PBGF. Regulation really needs to adapt before it becomes a problem if protecting plan members' pensions.
Secteur des régimes de retraite
[2020-014] Deborah Thompson - MEBCO
Please find attached a response from the Multi-Employer Benefit Plan Council of Canada (MEBCO). Thank you.

Deborah Thompson
MEBCO Executive Director
Secteur des régimes de retraite
[2020-014] Rossana Di Lieto - Ontario Teachers' Pension Plan (OTPP)
On behalf of Ontario Teachers' Pension Plan, please find our comment letter attached. Thank you.
Secteur des services de soins de santé
[2020-014] Laurie Davis - Ontario Rehab Alliance
Please see the attached Commentary on FSRA 2021-22 Priorities from the Ontario Rehab Alliance.
Intersectoriel
[2020-014] Jacques Goulet - Sun Life Canada

Intersectoriel
[2020-014] Martha Durdin - Canadian Credit Union Association, CCUA
Intersectoriel
[2020-014] Lisa Guglietti & Alec Blundell, EVP & Chief Operating Officer - The Co-operators Group Ltd.

Intersectoriel
[2020-014] José Gallant - Alterna Savings
Intersectoriel
[2020-014] Bernard Brun - Desjardins Group
[2020-014] John Taylor - Ontario Mutual Insurance Association
Please find attached our submission with regards to Proposed FY2021-2022 Statement of Priorities.
Date posted Secteur Question et réponse
Secteur des credit unions et caisses populaires

Question: Can you provide more clarity around the 20% increase to credit unions?

FSRA réponse:

The 20% increased in Credit Union is from:

  • $0.2M increase in conduct supervision to meet adequate requirements for the sector. The investments will increase compliance capacity.
  • Regulatory enhancements increased by $0.2M to enhance the credit union resolution and recovery capabilities. Also there is a continuation of the investments to replace the inadequate core IT systems
  • $0.2M for amortization of DT ($6.2M current year investment which will be amortized over 5 years)
  • Regulatory effectiveness increased by $0.5M includes investments to address credit union principle based regulatory approach. The investment also includes sector participant/consumer and stakeholder communication initiatives and IT operations
  • Offset by efficiency in FTEs of $0.3M through management of staffing deployment.
  • Incremental $2.0M in regulation support and common costs. This includes $0.9M in IT support for credit union sector being transitioned from credit union-specific (DICO) costs to the proportionate costs of shared IT. The DICO IT architecture inherited in the merger with FSRA become less relevant given investments in IT and the move towards a fully integrated, secure and reliable digitally transformed FSRA IT environment. The transition will be complete in F2022-23. Details on the remaining $1.1M reg support/common cost as below:
Reg Support/Common Cost ($000's)
Increased in credit union salaries and benefits 266
Legal cost allocation 196
IT support allocation increased due to transition towards fully integrated model 890
Public Affairs 164
Increase in capital investment amortization 261
Other Common Allocations 208
Reg Support/Common Cost 1,985

 
Secteur des credit unions et caisses populaires

Question: Is there any detail available for the budgeted direct and common costs?

FSRA réponse:

($000's) F2021-22 Proposed Budget F2020-21 Budget Variance
Higher/(Lower)
Credit Union 6,578 6,306 272
Market Conduct 539 321 217
Other Direct      
    Policy 1,103 1,056 47
    Legal 705 512 193
    Lease 648 532 116
Other Direct  2,457 2,100 357
IT (Direct and Common) 2,266 1,106 1,160
Corp Services (exclude IT) 2,304 2,207 97
Other Common      
    Interest 208 159 49
    Amortization 1,201 721 480
    Others 1,058 769 289
Total Other Common 2,466 1,649 818
Total 16,610 13,690 818