FSRA's Proposed Approach For Vulnerable Consumers To Weather Financial Storms

On January 8, 2024, the Financial Services Regulatory Authority of Ontario (FSRA) launched a public consultation (the Consultation) on a multi-year approach (the Proposed Approach) designed to create more positive outcomes and enhanced protections for vulnerable consumers and to obtain input on the operable definition of a vulnerable consumer.

The central aim of the Proposed Approach is to close the gap between the experiences of vulnerable consumers and non-vulnerable consumers who obtain services from those in FSRA-regulated sectors. FSRA notes that the Proposed Approach will be outcome-focused, and as such will be underpinned by an ongoing commitment to measuring vulnerable consumer experiences over years and will be informed by the work of other regulators across jurisdictions.