FSRA Seeks Public Feedback on its Draft 2020-21 Priorities and Budget
TORONTO, October 24, 2019 – The Financial Services Regulatory Authority (FSRA) is launching a consultation period for its draft statement of priorities and budget.
The draft 2020-2021 priorities build upon the targets in the 2019-22 Business Plan where we focused on burden reduction, regulatory effectiveness and protecting the public interest.
Some of our notable results from the 2019-22 business plan include the development of a plan to reduce syndicated mortgage investment harm, streamlining administration of rate regulation in auto insurance, strengthening prudential supervision for our pension sector, and supporting the development of industry led codes of conduct in our credit union and mortgage brokering sectors.
We have also reduced burden through guidance reduction and regulatory filings/data requests by as much as 40%, as well as driving forward on regulatory innovation such as a new guidance framework that established a principles-based approach (e.g., hierarchy, purpose and process).
Public and stakeholder input is being sought from October 24 to November 18. Submit your input online.
FSRA will finalize its priorities and budget in its Annual Business Plan (ABP) and then submit it to the Minister of Finance for approval. It will then serve as the basis for detailed F2020-21 operational plans, accountabilities and performance measurements.
Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) has assumed the regulatory duties of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca
For Media Inquiries:
Senior Manager, Corporate Communications
Financial Services Regulatory Authority