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ARTICLE · 05 DECEMBER 2016

New Regulatory Authority For Pensions On Its Way

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Bill 70, which received first reading on November 16, 2016, creates the structure for the FSRA.

CanadaEmployment and HR
Kyle Lambert
Kyle Lambert
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Creation of the Financial Services Regulatory Authority

On November 14, 2016, the Ontario government announced that it will introduce legislation to create the new Financial Services Regulatory Authority ("FSRA").  The FSRA's initial parameters are set out in Ontario's recent omnibus Budget legislation, the Building Ontario Up for Everyone Act (Budget Measures), 2016 ("Bill 70").

The FSRA will be an independent body responsible for industry sectors falling within the current purview of the Financial Services Commission of Ontario (FSCO), Ontario Financial Services Tribunal (FST), and Deposit Insurance Company of Ontario (DICO), including pension plans, mortgage brokers, insurers, and credit unions. The establishment of the FSRA follows recommendations made by an expert panel put together in 2015 to review the mandates of the FSCO, FST and DICO.

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