Ontario has announced the board of directors for the new financial services regulator it announced in last year’s fiscal update.
Bryan Davies, Kathryn Bouey and Judith Robertson will supervise the Financial Services Regulatory Authority and develop a detailed transition plan for it to eventually replace the Financial Services Commission of Ontario.
Davies will act as chair of the board. He previously served as deputy minister at Ontario’s former Ministry of Financial Institutions before working as a senior vice-president of regulatory affairs at the Royal Bank. More recently, Davies headed FSCO as chief executive officer and superintendent, before becoming chair of the Canada Deposit Insurance Corp.
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Bouey is president of management consulting firm TBG Strategic Services Inc. and has served in the public sector as deputy minister of Ontario’s Management Board Secretariat. She’s currently part of the Canada Revenue Agency’s board of management.
Robertson has years of financial services experience in Canada and abroad. Most recently, she served as commissioner for the Ontario Securities Commission and in the past has held executive positions at several private companies.
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The government plans to introduce legislative changes setting out the new regulator’s mandate and governance structure by the end of the year, according to a news release. Besides pension plan administrators, the new regulator will oversee property and casualty, as well as life and health insurance, credit unions and mortgage brokers.
The government said it will consult stakeholders and will consider suggestions from the expert advisory panel that recommended the creation of the new regulatory body to develop its mandate and government structure.