The Financial Services Regulatory Authority of Ontario (FSRA) is looking for stakeholder and public feedback on recommended changes to an industry document entitled Pension Plan Administrator Roles and Responsibilities Guidance.
The FSRA has included new content sections on managing and retaining records, responding to complaints and inquiries and communicating information to plan members accurately and in a timely manner.
Pension plans have long-term time horizons, say the guidelines, adding records must be maintained and retained in a lawful manner.
The guidelines also note that administrators should put in place procedures relating to complaints and inquiries in line with FRSA’s principles.
The regulator further suggests other changes that address observed supervisory issues and overall guidance clarity.
“Failure to have and follow a governance framework exposes the administrator to potential sanctions and liability for having breached its fiduciary duty and standard of care,” the guidelines say.
The FSRA guidance further provides the regulator’s interpretation concerning plan administrators’ roles and responsibilities, which they say are a crucial part of the industry.
“Individuals carrying out administrator functions must be knowledgeable about their responsibilities and the standard of care they must meet,” state the guidelines.
After releasing the updates and changes, the FSRA is asking stakeholders for their feedback by September 28, 2023.
