FSCO launches consultation on new guideline

By The IJ Staff | April 04 2018 01:30PM

Photo: iStock

The Financial Services Commission of Ontario (FSCO) announced April 3 that it is inviting feedback on its proposed Treating Financial Services Consumers Fairly Guideline.

FSCO says it is developing the Guideline to better establish what it means to treat a consumer fairly during a financial product’s life cycle. The regulator says the Guideline is in line with international and national standards and supervisory efforts.

Putting consumers first

“Treating consumers fairly means putting the interests of consumers first,” stated FSCO in an announcement. “It means taking the time to understand their needs and ensure they understand their rights and responsibilities, so they can make the most informed financial decisions possible.”

A common understanding

"The financial services sector touches the lives of all Ontarians,” says Anatol Monid, executive director, licensing and market conduct division, FSCO. “FSCO already expects that its licensees are treating consumers fairly; in fact, some are doing great work in this regard. This guideline provides a common understanding about what it means to treat consumers fairly throughout a financial product's life cycle. That's good for consumers and good for business."  

Those interested can submit written comments on the Guideline to [email protected] no later than May 8. For more information on the consultation, click here.