Toronto Financial Services Alliance welcomes continued focus on deficit

TORONTO, May 2, 2013 /CNW/ - Eliminating the deficit is the single most important thing the government can do to secure Ontario's prosperity, the Ontario Government said in today's budget.  The Toronto Financial Services Alliance (TFSA) agrees, and is pleased that the province continues to forecast a balanced budget by 2017-18, as previously forecast.

"We are pleased that the actual deficit is better than forecast," said TFSA President and CEO Janet Ecker, "and we encourage the government to continue on this path. It is still the right priority for the province."

With a mandate to enhance and promote Toronto Region as a global financial hub, the TFSA also said it welcomes government plans to improve infrastructure in the region - particularly the transportation network.

As expected, the Ontario budget confirmed the government's intention to reduce rates on automobile insurance. Lower rates can only be sustained, however, and the strength of the P&C industry maintained, if the system is reformed.  The TFSA urges the government to work closely with the P&C industry - a major financial services employer in the province - as these changes are put in place.

In addition, the TFSA shares the Ontario government's view that a common cooperative securities regulator is needed in Canada.  "Canada is the only major economy with multiple regulators," said Ms. Ecker, "and this puts us at a competitive disadvantage."

About the TFSA:
The Toronto Financial Services Alliance is a public/private initiative whose mandate is to enhance and promote the long-term competitiveness of Toronto as a top ten global financial services centre. Its membership encompasses core financial services companies - banks, brokerages, investment fund managers, insurance companies - as well as partner sectors - accounting, law and education.  The TFSA was created in 2001 by the financial services industry, in partnership with the City of Toronto.  With the federal and provincial governments now joining the partnership, TFSA has created the Global Risk Institute to leverage the sector's reputation in risk management and the Centre of Excellence in Financial Services Education to capitalize on its talent advantage. For more information, please check our website at www.tfsa.ca.

SOURCE: Toronto Financial Services Alliance

Brian Smith
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