FSRA INTRODUCES NEW MEASURES TO FURTHER PROTECT ONTARIANS AND IMPROVE PUBLIC CONFIDENCE IN THE FINANCIAL SERVICES SECTORS

TORONTO, Jan. 11, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is making it easier for the public to access helpful information about enforcement actions taken by the regulator.

FSRA is now communicating enforcement actions in the insurance, mortgage brokering and pensions sectors more broadly. It will issue news releases when enforcement actions are imposed as well as share more information online.

This enhanced communications approach will help protect the rights and interests of consumers, deter deceptive or fraudulent conduct, and contribute to public confidence in the financial services sectors.

As of January 11, 2022, FSRA will:

• publish content on our website that explains enforcement proceedings;
• provide additional context in plain, clear language about enforcement actions being taken; and
• promote Notices of Proposals, Notices of Intended Decisions, Final Orders and Minutes of Settlement through news releases to increase public and industry awareness.

This approach will allow FSRA to share information on a timely basis, deter non-compliance and protect those who are acting with integrity.

FSRA thanks stakeholders for their feedback on the Transparent Communication of FSRA Enforcement Action Consultation. There were no substantial changes required to the proposed Guidance.

Learn more

Learn more about FSRA's approach to enforcement communications in our Guidance.

Visit FSRA's enforcement hub for updates on our enforcement activities.

View the Transparent Communication of FSRA Enforcement Action Consultation Summary.

FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.

SOURCE Financial Services Regulatory Authority of Ontario

FOR MEDIA INQUIRIES: Russ Courtney, Senior Media Relations and Digital Officer, Financial Services Regulatory Authority, C: 437-225-8551, Email: [email protected]