FAIR Canada was pleased to attend the Consumer Roundtable on the proposed FY 2019-20 FSRA Priorities and Budget and offer the following comments.
PROPOSED FY 2019-20 FSRA PRIORITIES AND BUDGET CONSUMER ROUNDTABLE
Frank Allen, Executive Director
Speaking Notes, February 7, 2019
1. Background
• Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario, March 31, 2016
• 2014 Auditor General’s Report, Chapter 3, Section 3.03
• Fortress; Home Capital
2. FSRA Priorities and Budget Consultation Document, January 21, 2019
• Word counts:
• Total Document: 12,362
• “Complaints”: 1
• “Compliance”: 1
• “Conflict of Interest”: 2
• “Consumer”: 57
• “Consumer Protection”: 3
• “Enforcement”: 4
• “Fines”: 0
• “Administrative Monetary Penalties”: 0
• “Monitor”, “Monitoring”: 5
• “Proactive”: 0
• “Regulate”: 47
• “Whistleblower”: 0
3. Office of the Consumer:
• Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario, March 31, 2016
“Recommendation 28: FSRA should be required to provide a mechanism to ensure that the perspective of consumers and pension plan beneficiaries is considered in all of its policy-making and actions. Specifically, this should include the creation of a separate “Office of the Consumer” within FSRA to perform this and related functions. It should have enterprise-wide responsibilities to ensure that individuals’ perspectives are considered in all regulatory endeavours FSRA undertakes. It should not serve as a dispute or complaint resolution service.”.
• Fall 2018 FSRA Executive Leadership Organization Chart
• Fall 2018 FSRA Executive Officer Recruitment List
4. Need for Financial Consumer Advocacy Group(s):
• 7 Ad-Hoc Industry Voluntary Groups (83 members):
1. Credit Union
2. Health Care Service Provider
3. Life Insurance Agent
4. Life and Health Insurance
5. General Property and Casualty
6. Mortgage Brokers and Agents
7. Pension Plan
• Outreach on 2019-20 FSRA Priorities/Budget Development since November 2018
5. Other Comments:
• Statutory Objects of FSRA: to regulate and supervise … to protect consumers – Is balancing the needs of industry with those of consumers appropriate? Is the public interest or FSRA’s acting in accordance with its statutory objects the appropriate litmus test?
• Whistleblowing Mechanism
• Complaint Handling