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FSRA releases Information Guidance on Complaints Resolution

The Financial Services Regulatory Authority of Ontario (FSRA) understands the important role that complaints resolution serves in protecting the public interest.

FSRA’s vision is for consumers, members, and pension plan beneficiaries to have their complaints resolved in an accessible, fair, timely, transparent, and effective manner. As a step towards its vision, FSRA is releasing Information Guidance on complaints resolution. The Guidance has two principal aims:

  1. to present FSRA’s Guiding Policy Framework on Complaints Resolution, which is a principles-based, cross-sectoral framework designed to guide FSRA’s policy work on complaints resolution
  2. to showcase select best practices that FSRA has identified through jurisdictional research, which led to and shaped the development of the Policy Framework

The Policy Framework does not introduce new complaint-handling standards or requirements for the regulated sectors.

FSRA’s upcoming work in FY2022-23 will build on the development of the Policy Framework. As articulated in its Proposed 2022-2023 Statement of Priorities, FSRA plans to strengthen its baseline understanding of the current complaints resolution system, including consumer experiences. FSRA will use the Policy Framework to assess the strengths and weaknesses of the current complaints resolution ecosystem.

FSRA welcomes comments from stakeholders on this Information Guidance by February 15, 2022. Comments received will help inform FSRA’s next steps for its work on complaints resolution.

Learn more: FSRA is continuing to work with those it regulates to ensure financial safety, fairness and choice for consumers and members. Learn more www.fsrao.ca.
 

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