Ontario’s new independent and self-funded pensions and financial services regulator — the Financial Services Regulatory Authority (FSRA) — officially opened for business on 8 Jun 2019, assuming the regulatory duties of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario. FSRA is reviewing all FSCO regulatory direction, including forms, guidelines and FAQs, but absent new regulatory direction, all existing regulations remain in force.
The new regulator is charged with overseeing and reducing the regulatory burden on the province’s pensions sector and financial services providers, other than securities. “FSRA has the flexibility to cut red tape, bring products to market quicker, and be more responsive to businesses,” Ontario’s finance minister said in announcing the regulator’s launch.
- Press Release (Ministry of Finance, 7 Jun 2019)