The Financial Services Regulatory Authority of Ontario is introducing a whistleblower program to more effectively identify misconduct in the pensions and non-securities financial services sectors.
The program will apply to any individual or entity who comes forward in good faith with valuable, timely and non-public/insider information related to an alleged or intended contravention in any of the sectors regulated by the FSRA, according to a press release, which noted the financial services watchdog has also amended provincial legislation to enhance protection for whistleblowers.
Read: FSRA seeking input on draft guidance for communication of pension enforcement actions
“[The] FSRA’s new whistleblower program will help assist us in identifying those who are breaking the rules, so we can take appropriate action against misconduct, allowing us to better protect consumers and ensure that whistleblowers providing information to us can do so safely and without fear of reprisal,” said Jordan Solway, the FSRA’s executive vice-president of legal and enforcement, in the release.