When making financial decisions there are many products and providers to choose from. FSRA’s role as a regulator, is to set rules and policies that a company or individual must follow when offering these services to you.
The Consumer Office helps ensure consumer perspectives are considered when shaping policies or initiatives that impact you. We also support the Consumer Advisory Panel (CAP):
Research is important to understanding your needs and to be aware of any issues or trends in the sectors we regulate. We conduct research in many ways to get an in-depth understanding of what matters to you as a consumer.
2022 Consumer Research Study
In June 2022, we conducted a study to better understand the challenges and issues that some consumers face. The findings will help shape policies and will strengthen our efforts to identify ways to respond to the needs of and risks to consumers.
Residents’ Reference Panel: Auto Insurance
A panel of 36 volunteers across Ontario was brought together to provide FSRA with a consumer’s perspective on how to make the auto insurance system in Ontario easier to understand and more transparent. The panel discussed auto rates and how the data consumers provide is being used. Their recommendations are helping FSRA shape policies and deliver on its priorities for auto insurance and are helping support FSRA’s fraud strategy.
- 2021 Final Report of the Residents’ Reference Panel on Automotive Insurance in Ontario
- 2022 Residents’ Reference Panel on Automotive Insurance in Ontario: Report on Rate Regulation
- 2022 Residents’ Reference Panel on Automotive Insurance in Ontario: Report of the Data and Analytics
FSRA develops policy frameworks which provide a structure to identify and solve problems that pose a risk to you within the sectors we regulate. These frameworks can be used to inform future policy or changes to how FSRA regulates its sectors.
FSRA’s vision is for you to have your complaints resolved in an accessible, fair, timely, transparent, and effective manner. As a step towards our vision, we released a Guiding Policy Framework on Complaints Resolution in December 2021.
FSRA’s goal is to help you be informed so you can make financial decisions that are right for you and your family. We have carried out several consumer education campaigns to help you understand the financial services FSRA regulates:
Putting your interests first
For November 2022’s Financial Literacy Month, we ran a campaign encouraging consumers and investors to check if the financial advisors or financial planners they are working with are qualified. The campaign was supported by paid advertising, media coverage, and tips to consider and questions to ask.
Your auto insurance driven by you
In February 2022, we ran the first auto insurance public education campaign to help you be informed when purchasing or renewing your auto insurance policy. The campaign included tips encouraging everyone to shop around for a policy that best suits their needs and their budget. The campaign was supported by paid advertising, media coverage, and a “Shop Around” tips sheet.
Your mortgage matters
In January 2022, just before spring home-buying season, we ran the first mortgage brokering education campaign. This campaign focused on helping you understand what you need to do when working with a mortgage broker or agent to purchase a home. The campaign was supported by paid advertising, media coverage and a “Know What to Expect” question checklist.