Funding research and educational initiatives at FSRA
The Financial Services Regulatory Authority of Ontario (FSRA) is releasing final guidance to inform the public about the ways it can use and administer money collected from penalties, enforcement orders and settlements.
Under Ontario regulation the regulator can use these funds for funding research or educational initiatives to enhance financial literacy, financial awareness, knowledge of rights and obligations or the informed decision making of consumers or pension plan beneficiaries.
“This change is a win for Ontario consumers,” said Glen Padassery, Executive Vice President of Policy, and the Chief Consumer Officer to the Consumer Office at FSRA. “These funds will be put to good use supporting important initiatives that will help consumers better understand the sectors FSRA regulates and how they impact their lives and finances. FSRA will conduct research and use the findings to support financial literacy, financial awareness, and consumer education.”
FSRA will focus expenditures on items not funded through fees, such as research and education to enhance public knowledge and confidence in its regulated sectors. Decision-making controls will govern prudent spending decisions. FSRA will also report on this spending in its Annual Report.
FSRA welcomes comments from stakeholders on this guidance. Comments can be sent to Fern Karsh at Fern.Karsh@fsrao.ca.
- Guidance on Use of Retained Revenues under Regulation “Money Retained Outside the Consolidated Revenue Fund”
- Ontario Regulation 554/21
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.
For media inquiries:
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Financial Services Regulatory Authority