TORONTO, Nov. 14, 2024 /CNW/ - The Financial Services Regulatory Authority of Ontario ("FSRA") is launching public consultations on its proposed 2025-26 Statement of Priorities and Budget. Through this process, stakeholders will have the opportunity to help set the future direction of financial services regulation in Ontario.
"At FSRA, we are committed to engaging with our diverse stakeholders to ensure that our strategic priorities reflect the needs and expectations of those we serve in a way that is fiscally responsible. Public consultation is an important element of our approach to regulation. Your feedback is crucial in helping us to foster a strong, sustainable, and innovative financial services sector and to protect and empower consumers in Ontario." Stephen Power, Interim Chief Executive Officer, FSRA
Our overarching objective is to protect consumers in the most cost-effective ways possible. To achieve that objective, the Statement of Priorities sets out key sector initiatives along with a budget that is responsible.
Highlights from 2025-2026 Statement of Priorities and Budget:
- Strengthen Stakeholder Relations and Improve Consumer-focused Outcomes: To effectively carry out its mandate, FSRA will improve relationships with its stakeholders, with an emphasis on improving outcomes for consumers. This includes understanding and advancing the voice of all consumers, enabling innovation in FSRA's regulated sectors, and ensuring FSRA is accessible, supportive and responsive to stakeholders.
- Enhance Licensing Efficiency and Effectiveness: FSRA will explore new tools and implement recommendations to improve its service delivery for its licensees, while maintaining protection for consumers.
- Modernize Systems and Processes: FSRA is continuing its efforts to modernize and streamline its technology and internal processes, including through the FSRAForward program. While this program has faced cost overruns and delays, FSRA is developing options to ensure the program's viability, maintain a focus on costs and efficiencies to enhance service delivery and operational efficiency.
The Statement of Priorities will form the core of our Annual Business Plan, which will then be submitted to the Minister of Finance for approval. The financials included in the Statement of Priorities are draft and will be revised as part of the Annual Business Plan Process.
The consultation period opens on November 14, 2024, and will close on December 6, 2024, at 11:59 p.m. EST. FSRA invites stakeholders to review the proposed 2025-26 priorities and submit feedback.
Learn More
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at www.fsrao.ca.
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Russ Courtney
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Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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