ARTICLE · 07 JULY 2016

Ontario Panel Recommends "Radical" Restructuring Of Key Provincial Financial Regulators

Stikeman Elliott LLP

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The panel was asked to consider the relevance of the existing FSCO, DICO and FST mandates to Ontario's current goals and priorities and, in particular, to identify any changes in governance structures...

CanadaFinance and Banking

Andrew Cunningham

Stuart Carruthers

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On June 21, 2016, Ontario's Minister of Finance released the 92-page Final Report of the expert panel that has been reviewing the mandates of the Financial Services Commission of Ontario ("FSCO"), the Financial Services Tribunal ("FST") and the Deposit Insurance Corporation of Ontario ("DICO"). While the panel's final recommendations are generally similar to those in its November 2015 Preliminary Position Paper (which we discussed here), there are some significant changes in the finalized version.

Key restructuring recommendations:

FSCO to be replaced by a new Financial Services Regulatory Authority ("FSRA").
DICO's mandate as prudential regulator of Ontario's credit unions and caisses populaires to be transferred to FSRA.

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