A final report on modernizing and increasing accountability around the regulations of financial services and pension plans in Ontario is set to be released in the spring.
According to the 2016 Ontario Budget, which was announced on Feb. 25, “The government is committed to modernizing and strengthening the regulation of financial services and pensions, and to improving consumer, investor and pension plan beneficiary protection. Necessary legislative or regulatory changes will be identified and pursued as early as possible.”
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The report is to come from an expert advisor panel that has been reviewing the mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO), with the goal of modernizing the regulations and increasing agency accountability.
In November 2015, the panel released a preliminary position paper to provide insight into their initial views and to solicit feedback from the public. This paper proposed significant reforms to the regulatory landscape.
The panel’s final report will be released this spring.