TORONTO, June 25, 2021 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) regulates the billing practices of licensed service providers to protect consumers by deterring fraud and abuse. Service providers engage in providing goods and services to auto insurance accident benefits claimants.
Service providers are required to follow prescribed standards related to their business systems and practices, and the management of their operations. To ensure compliance with these standards, FSRA reviewed over 300 service providers between April 1, 2020 and March 31, 2021. FSRA focused on service providers who were non-compliant in past reviews or posed the greatest risk of consumer harm. This aligns with our risk-based approach to supervision.
FSRA found that 88% of service providers resolved compliance issues from past reviews and closed their cases. FSRA took action on service providers who remained non-compliant or whose billing rosters included practitioners with suspended or revoked licences by their regulatory colleges. These actions included escalating for enforcement, issuing letters of warning or licence surrenders.
Learn more
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: Serina Yau, Senior Communications Advisor, Financial Services Regulatory Authority, C: 437-216-9534, Email: [email protected]
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