P&C among six committees announced by the FSRA

Published: September 30, 2019

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The Financial Services Regulatory Authority (FSRA) has announced the creation of six Stakeholder Advisory Committees (SACs) that will act as consultants to its board of directors.

Ontario’s regulatory body for pensions and financial services says applications for all six committees are now open. The SACs will be split into sectors that the FSRA regulates in Ontario:

  • P&C insurance
  • Life and health insurance
  • Mortgage brokering
  • Pensions
  • Health service providers
  • Credit unions

In a press release, the FSRA says it is seeking an open and transparent framework of collaboration that includes its stakeholders. By listening to advise from the SACs, the regulator will be able to work under its mandate set out by the Financial Services Regulatory Authority of Ontario Act, 2016.

“Our stakeholders highlighted the importance of having regular consultations and recommended that these consultations be separated by sector,” the FSRA noted in a statement. “Our stakeholders also noted the importance of FSRA reporting on the outcomes of committee sessions and on how feedback is considered.”

A deadline for applications has been set for October 25, 2019.

FSRA begun regulatory duties of Ontario’s finance and pensions services on June 08, 2019, replacing the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario.