Mark White appointed CEO of Financial Services Regulatory Authority
The Board of Directors of the Financial Services Regulatory Authority (FSRA) is pleased to announce the appointment of Mark White as FSRA’s inaugural Chief Executive Officer. His appointment is effective May 7, 2018.
Mr. White is a highly accomplished and experienced leader and executive in the regulatory and financial sectors. Currently the Senior Vice-President & Head Enterprise Risk at the Bank of Montreal, he also led BMO’s Capital Adequacy & Analysis and Capital Management functions. Before joining BMO, Mr. White was Assistant Superintendent and Head of Regulation Sector, and part of the executive leadership team, at Canada’s bank and insurance regulator, the Office of the Superintendent of Financial Institutions (OSFI). At OSFI he had responsibility during and after the last financial crisis for OSFI’s approvals, policy-making, policy interpretation, legal services, capital/risk/solvency, research, accounting, pension oversight and actuarial policy functions, and was its lead policy-making representative domestically and, on the Basel Committee for Banking Supervision, internationally. He was previously Managing Director and Global Head of the Strategic Transactions at RBC Capital Markets, a financial services partner at Ernst & Young LLP/Donahue Ernst & Young, Barristers and Solicitors and the Senior Vice President/Director and Chief Counsel at a consumer and commercial technology finance company in Canada and in Europe.
With a strong background in regulation, risk management, governance, law, finance, change management and process improvement, a passion for innovation and focused execution and an aptitude for understanding and meeting the needs of diverse stakeholders, Mr. White is uniquely positioned to drive the modernization and transformation of financial services regulation in Ontario.
For a detailed biography, please visit the Leadership section of the FSRA website.
Bryan Davies, Chair, FSRA Board of Directors:
“FSRA’s ambitious mandate calls for a highly experienced and skilled leader with expertise across multiple sectors. Mark is that leader, and we are delighted to welcome him to FSRA. He brings a sophisticated understanding of regulatory environments and financial services, proven strategic and operational skills, and a strong track record of progressive leadership, innovation and organization building. He will play an integral part in shaping a robust, world-class regulatory framework for Ontario.”
Charles Sousa, Ontario Minister of Finance:
“A modern regulatory framework is essential to maintaining a robust financial services sector in Canada. It will allow Ontario to remain competitive and attract investment from all over the world. Mark’s experience and leadership will ensure FSRA provides the strong consumer and investor protection people expect and deserve during a time of innovation and rapid change."
Mark White, Chief Executive Officer:
“Financial services are an area of rapid change and are essential to our economy and to the citizens of Ontario. Consumers expect and deserve innovative and transparent financial products and services that meet their needs, along with high levels of service and protection - while companies and other financial intermediaries must be able to respond to a rapidly changing business environment with new products, services and ways of working. By working with stakeholders to update and administer our financial services regulatory framework, FSRA can improve consumer protection and choice, protect depositors and pension plan beneficiaries and support growth and innovation. I am excited about the opportunity to work with government, industry, regulators and other partners to establish and build FSRA.”
Financial Services Regulatory Authority
The Financial Services Regulatory Authority of Ontario (FSRA) is a new, independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.
FSRA was established on the recommendation of an independent expert advisory panel that reviewed the mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO).
When operational, FSRA will regulate many sectors that are important to Ontario consumers and pension plan beneficiaries:
- property and casualty insurance
- life and health insurance
- credit unions and caisses populaires
- loan and trust companies
- mortgage brokers
- health service providers (related to auto insurance), and
- pension plan administrators.
FSRA aims to be an innovative, flexible, self-funded regulator capable of responding to the dynamic pace of change in marketplace, industry and consumer expectations. It will play a key role in setting regulatory direction and providing efficient, responsive regulation to:
- protect consumers and pension plan beneficiaries
- encourage innovation and competition for incumbents and new entrants, and
- promote market integrity and stability.
FSRA is working to become fully operational by April 2019. It is currently focused on establishing its organization and developing a transition plan to assume regulatory functions currently under the auspices of other Ontario agencies.