Written comments should be provided in electronic format (preferably Word or PDF) by email to: FIPBmandatereview@ontario.
What We Were Told – About FSCO – http://www.fin.gov.on.ca/en/
- FSCO is limited by the constraints of the Ontario Public Service, and lacks the appropriate resources, governance structure and accountability to effectively fulfill its current mandates
- Its regulatory approach is inflexible and insufficient to address both the complex and ever-changing financial marketplace and the challenges to consumer protection
- The regulatory approach taken to some financial products, services and intermediaries is neither coordinated nor consistent with that of other regulators
- Its policy and decision-making process lacks transparency and, in turn, the agency does not require or foster appropriate transparency within the sectors it regulates
- The credibility of the regulatory regime is undermined by the perception that FSCO is unable or unwilling to undertake effective enforcement
- Certain responsibilities are simply inconsistent with FSCO’s primary mandates