FSRA encourages and supports innovation that benefits Ontario’s financial services consumers

The Financial Services Regulatory Authority of Ontario (FSRA) continues to foster a strong, competitive and innovative financial services sector. One that commits to providing the latest advancements to consumers in a safe and responsible way.

Today, FSRA’s Innovation Office is releasing its Innovation Framework along with its Test and Learn Environment (TLE) Guidance. It is also announcing that the first test environment is now open to the auto insurance sector.

Final Innovation Framework

The Innovation Framework will help emerging and existing innovators develop their ideas in a sustainable, responsible and accessible way, while maintaining consumer confidence in financial services.

We would like to thank everyone who provided feedback to the Innovation Framework consultation. Overall, stakeholder response was positive with emphasis on the importance of FSRA supporting digital innovation. A detailed summary of feedback is now available, and includes, for example, how FSRA is responding to:

  • strengthening the protection of confidential information
  • simplifying the initial intake process
  • clarifying transparency throughout the TLE process
  • maintaining a level-playing field among all TLE applicants (sector incumbents and new entrants)

Test and Learn Environment (TLE) Guidance

The new TLE Guidance establishes a mechanism that will validate and assess new and unique non-capital market financial services products, services, or business models before they are introduced into the Ontario market. This guidance applies to the following sectors: 

  • Property and Casualty Insurance
  • Life and Health Insurance
  • Credit Unions and Caisses Populaires
  • Loan and Trust
  • Mortgage Brokers
  • Health Service Providers as they relate to Auto Insurance
  • Financial Planners and Advisors

FSRA’s Innovation Office will collaborate with innovators and businesses to encourage experimentation, promote innovative thinking, and look at ways to enhance Ontario’s regulatory competitiveness for financial services innovators while protecting the public interest.

The TLE Guidance will remain open for consultation in 2022 to ensure that stakeholders and participants have the opportunity to submit feedback that could influence and shape future versions of test environments.

Auto Insurance Test and Learn Environment now open

The first test environment is now open to auto insurance sector applicants with innovative and consumer-focused solutions. An intake form is available for download and more information on how to apply is available in the TLE Guidance: Appendix 2 – Guide to Applications for Auto Insurance Exemptive Authority TLE. All applicants must submit the required information to [email protected]. Any questions should be directed to [email protected].

Learn more: 

FSRA’s Innovation Office will host an innovation panel at the first-ever FSRA Exchange Event on January 27, 2022. Please contact [email protected] to learn more and for media registration.

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. 

Learn more at

For media inquiries:

Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]