Information in the Annual Complaints Report helps to better understand systemic issues
Toronto, ON (Nov. 1, 2022) – The Financial Services Regulatory Authority of Ontario (FSRA) is pleased to announce it has released its annual Complaints Report for the 2021-2022 fiscal year.
“By receiving complaints from members of the public, FSRA is assisted by consumers to maintain high standards of conduct in the regulated sectors and better protecting consumers from harm,” said Wendy Horrobin, Head, Licensing and Risk Assessment, Market Conduct.
The information provided in these complaints also allows FSRA to identify trends which can impact its supervisory initiatives, inform its guidance or rulemaking, and are considered when making legislative changes and releasing public awareness campaigns.
Consumers should first try to address issues with the regulated person or business before filing a complaint with FSRA. A regulated person or business is required to have robust and transparent processes to receive, evaluate and address complaints from consumers. They are also required to make meaningful and appropriate attempts to resolve complaints and document actions taken in the process.
During the 2021-2022 fiscal year:
- FSRA resolved 857 consumer and industry complaints
- FSRA escalated 62 complaints for enforcement
When reviewing complaints, FSRA observes themes in each sector to better understand patterns of systemic issues, sector-specific risks and overall industry compliance. The top complaint themes by sector are:
- Mortgage Brokering: contractual matter
- Auto Insurance: claims and settlement
- Property and Casualty Insurance: claims and settlement
- Life and Health Insurance: regulatory action in other jurisdictions
- Credit Unions and Caisse Populaires: customer service
- Health Service Providers: administration
- Loan and Trust Companies: contractual matter
Read the full report to learn more about complaints in each sector.
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.
FSRA was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). The agency is flexible, self-funded and designed to respond rapidly to an evolving commercial and consumer environment. In this capacity, FSRA will:
- Promote high standards of business conduct;
- Foster a sustainable, competitive financial services sector;
- Respond to market changes quickly;
- Promote good administration of insurance and pension plans; and
- Encourage innovation.
Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.
SOURCE: Financial Services Regulatory Authority of Ontario (FSRA)Tags: Financial Services Regulatory Authority (FSRA)