FSRA issues notice of intended decision against Canada Forgings Inc.
The Financial Services Regulatory Authority of Ontario (FSRA) has initiated enforcement action against Canada Forgings Inc.
FSRA alleges that Canada Forgings has failed to remit contributions, including employee contributions, to its’ pension plans, contrary to section 55(2) of the Pension Benefits Act (the “Act”). FSRA alleges that Canada Forgings Inc. has not remitted contributions from May 2022 to present
FSRA is intending to order Canada Forgings Inc. to remit all outstanding contributions plus applicable interest immediately and no later than 10 days after the date of the order.
Canada Forgings Inc. may request a hearing before the Financial Services Tribunal about this intended decision.
Additionally, FSRA issued an Order under section 25.1 of the Act requiring Canada Forgings Inc. to provide specific information to members as outlined in the Order.
FSRA is working to protect consumers through its monitoring and enforcement activities.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
Email: [email protected]