July, 2009 – Section 11 of the Financial Services Commission of Ontario (FSCO) Act requires FSCO to “deliver to the Minister of Finance and publish in The Ontario Gazette [by June 30th of each year] a statement setting out the proposed priorities of the Commission for the fiscal year in connection with the administration of this Act and all other Acts that confer powers on or assign duties to the Commission or the Superintendent.”
FSCO’s Statement of Priorities identifies key challenges facing FSCO, outlines proposed strategic priorities, highlights initiatives and notes recent progress on significant projects. Last year, FSCO undertook a comprehensive review of its mandate and vision statements as part of its planning process. Following the review, FSCO staff developed a new mandate and vision, as well as identified three new priorities.
To provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors.
To be a progressive and fair regulator working with its stakeholders to support a strong financial services sector.
FSCO identified three strategic priorities and their associated activities as they meet the challenges currently facing the financial services sector and, in FSCo’s view, address the financial realities of the current economy.
- Conduct FSCO�s activities in accordance with risk-based principles
- Continuous improvement in the delivery of our services
- Foster a coordinated approach to regulatory issues
Report Back on Key Initiatives from 2008
FSCO’s Statement of Priorities includes a report on the progress of key initiatives identified in the previous year�s statement and their intended benefits to stakeholders and the regulatory system. FSCO revised its priorities for this year�s statement. This section of the report reflects previous priorities:
- Promote a coordinated national approach to regulatory issues.
- Enhance the risk-based approach to regulation.
- Review and recommend amendments to the regulatory framework to keep pace with changes in the marketplace.
- Improve delivery of services.
Many of FSCO’s initiatives are complex, span several years and involve various partners, such as industry associations, national organizations of regulators, and the federal and provincial governments. Where work continues on these initiatives, FSCO is only reporting back on milestones that have been achieved from the 2008 Statement of Priorities. For the full report, go here.
FSCO is an agency of the Ontario Ministry of Finance, and regulates insurance, pensions, credit unions, caisses populaires, co-operatives, mortgage brokers, and loan and trust companies. For more information visit, www.fsco.gov.on.ca.