The Financial Services Regulatory Authority of Ontario (FSRA) announced Jan. 11 that it is now communicating enforcement actions in the insurance, mortgage brokering and pensions sectors more broadly.
The regulator will issue news releases when enforcement actions are imposed as well as share more information online. “This enhanced communications approach will help protect the rights and interests of consumers, deter deceptive or fraudulent conduct, and contribute to public confidence in the financial services sectors,” said FSRA in a statement.
As of Jan. 11, 2022, FSRA will: publish content on its website that explains enforcement proceedings; provide additional context in plain, clear language about enforcement actions being taken; and promote Notices of Proposals, Notices of Intended Decisions, Final Orders and Minutes of Settlement through news releases to increase public and industry awareness.
The regulator says this approach will allow it to share information on a timely basis, deter non-compliance and protect those who are acting with integrity.