Stakeholders provide feedback on experiences with FSRA

Engaging with our industry partners, consumers (including pension plan beneficiaries and credit union members), and other stakeholders is an important part of the regulatory process. It is also a key element of FSRA’s mandate and business plan. Prior to our launch in 2019, we asked our stakeholders for insights and recommendations on engagement, which informed our approach.

Now that two years have passed, we felt it was time to measure our progress on these commitments.

We recently invited stakeholders, including consumers, to give feedback on their experiences, satisfaction, and expectations of FSRA through an online survey. We want to better understand how we are positioned to address stakeholder and consumer needs as we move forward from previous industry regulators. We received over 3,000 responses to the survey. Thank you to everyone who took part.

Key insights on where FSRA is doing well:

  • Bringing awareness of a change from FSCO and DICO to FSRA (87% favourable)
  • Promoting high standards of business conduct (72% favourable)
  • Prioritizing consumer protection (67% favourable)
  • Operating as a principles-based regulator (66% favourable)
  • Being informative (79% favourable)
  • Committed to protecting the public interest (75% favourable)

Key insights on where FSRA could focus efforts:

  • Awareness of FSRA engagement methods (38% favourable)
  • Reducing the regulatory burden (49% favourable)
  • Encouraging innovation (53% favourable)
  • Responding to market changes quickly (56% favourable)

The results also showed that our communications tactics – website and emails – are well received, and there is a desire for more webinars. And that greater consumer stakeholder education and engagement on FSRA’s vision, objectives and communications channels is needed. Stakeholders generally show interest in future learning opportunities for topics like regulator and industry changes, FSRA’s roles and responsibilities, as well as trends in best practices across the industry.

FSRA is thoroughly reviewing all survey results and building action plans for areas of opportunity. We are also committed to measuring and benchmarking our progress again in two years.