Building a Foundation for Regulatory Effectiveness
FSRA’s Focus on Burden Reduction in Year 1 Yields Measureable Results
Since its launch, the Financial Services Regulatory Authority of Ontario (FSRA) has taken significant steps towards regulatory transformation that will reduce regulatory burden and protect the public interest.
Progress achieved to date includes:
- Reviewing over 1,000 pieces of inherited regulatory guidance and maintaining only those that are relevant and necessary, resulting in a 51% overall reduction;
- Streamlining data collection and filings by eliminating requirements for unused/underutilized data and filings; and
- Developing a new service standard framework that will help ensure the consistent delivery of timely and predictable regulatory activities.
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Burden Reduction Progress Update (March 2020)
In our first year of operations we have two priorities across all sectors: burden reduction and regulatory effectiveness.
To reduce burden FSRA will conduct, in conjunction with our stakeholders, a thorough examination of existing guidance documents, data and filing requirements and service standards to ensure that they are relevant, provide value, and support our legislative objects.
Regulatory effectiveness is about ensuring that we achieve our legislative objectives and protect the public interest through industry and regulatory expertise, enhanced collaboration and transparency, efficient processes and use of technology and enabling innovation.
In addition to cross-sector priorities, in each sector we have, based on discussions with stakeholders, identified sector-specific opportunities for FSRA to reduce burden and improve regulatory effectiveness. These priorities will be achieved by working with industry and other stakeholders.
Within the auto sector these are the sector priorities:
- Streamline rate regulation process
- Support auto reform strategy
- Review heath service provider (HSP) regulation
- Develop fraud reduction strategy
FSRA will be launching a stakeholder engagement process in support of their priorities. More information will be provided shortly.