FSRA and OSFI Collaborating on Defined Contribution (DC) Plans
FSRA and OSFI establish a committee to collaborate on defined contribution plans
The Financial Services Regulatory Authority of Ontario (FSRA) and the Office of the Superintendent of Financial Institutions (OSFI) are establishing a new special purpose committee and are hoping to attract the participation of interested applicants.
The committee will review the approaches of both regulators to supervising defined contribution (DC) plans and, where possible, find opportunities for regulatory harmonization.
Through this collaboration, FSRA and OSFI will work towards improving outcomes for plan members. The committee will also focus on enhancing regulatory efficiency and effectiveness for DC plans.
Special purpose committee members must have deep expertise in dealing with DC plans. Selections will be made jointly by FSRA and OSFI and will be based on the individual’s experience, the area of the pension sector that they represent, and other factors both regulators find relevant.
Interested applicants are invited to submit an application to Arielle Brenman at: Arielle.Brenman@fsrao.ca. The deadline for submissions is Wednesday, November 4, 2020. The committee will begin its work on Friday, December 11, 2020.
Special purpose committees focus on one topic: they meet frequently over a four to six-month period and once they have completed their work they are then dissolved. For more information, please visit the committee’s Terms of Reference.
Please forward any queries to:
Jeff Bowman (OSFI)
Arielle Brennan (FSRA)
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks. OSFI supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition and meeting their prudential requirements.
The Financial Services Regulatory Authority of Ontario (FSRA) is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at: www.fsrao.ca.
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