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Introducing FSRA’s new Whistle-blower Program to help identify misconduct in the non-securities financial services and pensions sectors

Initiative will offer enhanced protections for those willing to come forward

FSRA is introducing a new Whistle-blower Program to more effectively identify misconduct in Ontario’s non-securities financial services sectors and better protect consumers. Whistle-blowers are a valuable source of information and this program and new guidance will assist individuals and entities who want to come forward by helping determine who qualifies as a Whistle-blower and who will receive protection. New amendments to the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act) provide enhanced protection for Whistle-blowers. The Whistle-blower program will apply to any individual or entity who comes forward in good faith with  valuable, timely and non-public (i.e., insider) information related to an alleged or intended contravention in any of the sectors FSRA regulates.

Enhanced protection

FSRA’s Whistle-blower Program is designed to encourage individuals with important information about misconduct to come forward on a confidential basis without  fear of reprisal. 

FSRA is required by law to protect Whistle-blower’s identities. This is a result of new amendments to the FSRA Act specifically adopted to:

  • protect Whistle-blower’s identities from disclosure
  • protect Whistle-blowers from reprisals (i.e., being fired, demoted or disciplined, etc.) and from liability in civil proceedings

Those who do not meet the requirements under the Whistle‑blower Program, or who do not receive a written assurance of confidentiality from FSRA, will not be considered Whistle‑blowers under the FSRA Act and will not benefit from the protections afforded under the Whistle‑blower Program.

Anyone wishing to submit information to FSRA completely anonymously, may do so through their lawyer.

For more details, please visit the FSRA Whistle-blower section of our website and read the FSRA Whistle-blower Guidance.

Learn more:

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.

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