Whistle-blower Program Introduced to Help Identify Misconduct in the Non-securities Financial Services and Pensions Sectors

Initiative will offer enhanced protections for those willing to come forward

TORONTO, April 29, 2022 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is introducing a  Whistle-blower Program to more effectively identify misconduct in the non-securities financial services and pensions sectors. Whistle-blowers can be a valuable source of information and this program, along with new guidance, will assist individuals or entities who want to come forward by helping determine who qualifies as a Whistle-blower and who will receive protection.  

"FSRA's new Whistle-blower program will help assist us in identifying those who are breaking the rules so we can take appropriate action against misconduct, allowing us to better protect consumers and ensure that whistle-blowers providing information to us can do so safely and without fear of reprisal" said Jordan Solway, FSRA's Executive Vice President, Legal and Enforcement. "If people working in a FSRA regulated sector see something that they believe is misconduct or illegal, FSRA encourages them to come forward with that information and seek protection as a whistle-blower through our program."

The Whistle-blower Program applies to any individual or entity who comes forward in good faith with  valuable, timely and non-public (i.e., insider) information related to misconduct in any of the sectors FSRA regulates. The enhanced protection for Whistle-blowers was included in amendments to the Financial Services Regulatory Authority of Ontario Act, 2016 (FSRA Act).

FSRA's Whistle-blower Program is designed to encourage individuals or entities with important information about misconduct to come forward on a confidential basis without the fear of reprisal. FSRA is required by law to protect Whistle-blower's identities.

This is a result of new amendments to the FSRA Act specifically adopted to:

• Protect Whistle-blower's identities from disclosure; and
• Protect Whistle-blowers from reprisals (i.e., being fired, demoted or disciplined, etc.) and from liability in civil proceedings.

Only those who meet the requirements under the Whistle–blower Program and who receive a written assurance of confidentiality from FSRA, will  be considered Whistle–blowers under the FSRA Act and will  benefit from the protections afforded under the Whistle–blower Program.

An individual or entity who wishes to submit information to FSRA completely anonymously, may do so through a lawyer.

For more details, please visit the FSRA Whistle-blower section of our website and read the FSRA Whistle-blower Guidance.

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.

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]