Ontario auditor general
Bonnie Lysyk had FSCO in her crosshairs last fall. The auditor general was scathing in her report, finding some serious regulatory gaps in FSCO’s oversight. Lysyk pointed out that FSCO’s online licensing system allows life insurance agents to hold active licences without having entered proper information about whether they have insurance for errors and omissions. She also said FSCO failed to investigate applications, renewing licences of agents who were disciplined by other financial service regulators, those who declared bankruptcy and those with criminal records. Lysyk also said FSCO does not verify the information in its online licensing system database of life insurance agents.
Office of the Auditor General of Ontario
20 Dundas Street West, Suite 1530 Toronto, Ontario M5G 2C2