The Ontario government is combining two agencies to create one pension and financial services regulator aside from securities.

As of June 8, the Financial Services Regulatory Authority of Ontario replaces the Financial Services Commission of Ontario and the Deposit Insurance Corp. of Ontario as an integrated, independent and self-funded regulator.

Read: A look ahead at pension legislative changes for 2019

It will regulate Ontario’s insurance sector, pension plans, loan and trust corporations, credit unions and caisses populaires, mortgage brokers and service providers that invoice auto insurers for statutory accident benefit claims.

“The Financial Services Regulatory Authority of Ontario is a modern and innovative regulator with rule-making authority that promotes strong financial services and pensions sectors while protecting the public interest,” said Finance Minister Vic Fedeli, in a press release. “Its mandate is to be open — open to new ideas, open to business and open to consumer needs. FSRA has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses.”

Read: Ontario government unveils new labour standards bill

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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