The Financial Services Regulatory Authority of Ontario (FSRA) released its 2022-2023 Annual Report on September 28, describing the regulator’s activities over the past year and examining accomplishments made against its 2022-2025 Annual Business Plan.
During the year, the regulator met all targets in responding to public inquiries and complaints, established a new whistle-blower program, launched a pension awareness day and conducted the regulator’s first consumer research study. The annual report also includes board appointments and remuneration, risk identification, assessment and mitigation strategies, audited financial statements and statistics on FSRA’s operations.
As of March 31, 2023 FSRA regulated 290 insurance companies, 4,516 registered pension plans, 68,956 insurance agents and 6,838 corporate insurance agencies. It also oversaw four credentialing bodies issuing credentials allowing agents to use the financial planner and financial advisor titles.
During the year the regulator levied $1.267-million in administrative monetary penalties and conducted 16 public consultations, including the release of guidance and rules.
“We are working dynamically with consumers, regulated entities, government and other regulators to ensure consumers get financial products and services that meet their needs. We are a young regulator and are very much a work in progress, but we have made substantial progress to-date and are on a clear path to better protecting consumers while working more efficiently and strategically,” writes FSRA’s CEO, Mark White.
The regulator also now has 16 technical advisory committees, a consumer advisory panel and a retiree advisory panel. “These groups enable FSRA’s stakeholders, including the public, to participate more actively in FSRA’s policy-making processes and support our goal of being a high-performing regulator.”