April, 2010 – Section 11 of the 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.”
A draft of the Priorities has been posted in order to seek industry comment.
FSCO is comprised of: the five-member Commission, the Superintendent of Financial Services and staff. FSCO regulates insurance, pension plans, loan and trust companies, credit unions and caisses populaires, mortgage brokerages and administrators and co-operative corporations in Ontario.
The Ontario government is moving forward with automobile insurance and pension reform and has brought into force modernized legislation and regulations that encourage competition and enhance consumer protection in the credit union and mortgage broker sectors. To support these government priorities, FSCO has identified automobile insurance reform, mortgage broker compliance and pension regulatory services as key focus areas. Work in these areas will be carried out along with FSCO�s core responsibilities in the regulated sectors.
To achieve its goals, FSCO is guided by established strategic priorities. These priorities build on FSCO�s core regulatory responsibilities to administer the laws and regulations governing the activities of the regulated sectors.
The priorities are:
- Conduct FSCO’s activities in accordance with risk-based principles
- Continuous improvement in the delivery of our services
- Foster a coordinated national approach to regulatory issues
FSCO believes these strategic priorities and their associated initiatives, which are outlined on the following pages, will have a positive impact on consumers, pension plan beneficiaries and industry stakeholders.
Read the Draft report 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.