Ontario Government Fall Economic Statement and First Reading of Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017
Bill 177 received royal assent on December 14, 2017 and is awaiting proclamation. It provides a legislative framework to enable FSRA to become a modern and adaptive regulator that protects consumers and pension plan beneficiaries. The amendments:
- Further define FSRA’s statutory objects, including objects related to consumer and pension plan beneficiary protection, deterrence of deceptive or fraudulent conduct, and cooperation and collaboration with other regulators;
- Give FSRA specific categories of rule-making authority, with flexibility in its approach to regulating insurance (including auto), pensions and mortgage brokers;
- Give FSRA the ability to establish a funding framework, similar to the authority currently given to the Ontario Securities Commission; and
- Set out the process by which FSRA can make rules, which would involve substantial public notice and consultation.