What stakeholders had to say about FSRA’s performance
To help ensure FSRA is delivering on its vision to offer safety, fairness and choice for Ontarians, we engage with our industry partners, consumers (including pension plan beneficiaries and credit union members), and other stakeholders regularly. This is a key element of FSRA’s mandate and business plan.
Prior to our launch in 2019, stakeholders were asked for insights and recommendations on engagement, which helped inform the development and approach of the new regulator, FSRA. In 2021, we followed up with another survey and committed to conducting a stakeholder survey every two years in order to track our progress and identify emerging trends within the sectors we regulate. This year, we measured our progress and areas in need of improvement after four years of operations.
We recently invited stakeholders, including consumers and pension plan members, to give feedback on their experiences, satisfaction, and expectations of FSRA through an online survey. We received over 3,500 responses to the survey. We want to thank everyone who took part.
Key insights on where FSRA is doing well:
- Bringing awareness of the change from FSCO and DICO to FSRA (95% favourable)
- Positive perception of FSRA since 2019 (72% favourable)
- Promoting high standards of business conduct (70% favourable)
- Prioritizing consumer protection (66% favourable)
- Operating as a principles-based regulator (63% favourable)
- Increasing regulatory effectiveness (60% favourable)
Key insights on where FSRA could focus its efforts:
- Reducing the regulatory burden (46% favourable)
- Encouraging innovation (51% favourable)
- Responding to market changes quickly (53% favourable)
- Fostering a sustainable, competitive financial services sector (55% favourable)
The results also showed that our communications tactics, especially emails, are well received, and there is a desire for more online initiatives, such as webinars.
FSRA is reviewing the survey results and developing action plans to focus on areas in need of improvement. We are also committed to measuring and benchmarking our progress again in two years. Please visit our stakeholder survey page to 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.