Advisors invited to criticize FSCO

by Nicolas Heffernan04 Mar 2015
After a short reprieve the Financial Services Commission of Ontario (FSCO) is back in the spotlight again.

The Government of Ontario is launching a review into FSCO’s mandate, which includes broad consultations with the financial services sectors regulated by these two agencies, such as the insurance sector, pension plans and credit unions. The Deposit Insurance Corporation of Ontario’s (DICO) mandate is also being reviewed. This comes after the Auditor General's review

"Financial services is one of the fastest-growing sectors in our economy. These key organizations are our partners in consumer protection. Reviewing their mandates will ensure that we are doing our best to protect the interests of Ontarians while fostering a strong business environment. I look forward to receiving the panel’s recommendations on how we can make this sector even stronger,” said Charles Sousa, Minister of Finance.

Related: FSCO embraces auditor general’s orders to crack down on advisors

A consultation paper will also be posted online and the public will be invited to comment on the issues being examined. The government will consider any necessary legislative changes based on the outcomes of the review. The government expects the review to be completed by early next winter.

The province has appointed George Cooke, the former president and CEO of The Dominion of Canada General Insurance Company, and current chair of the board of directors of OMERS Administration Corp; James Daw, the former Toronto Star personal finance columnist who has written extensively about all facets of Ontario's financial system; and Larry Ritchie, a partner with Osler, Hoskin & Harcourt LLP and former vice-chair of the Ontario Securities Commission.