The Financial Services Commission of Ontario today published its proposed statement of priorities for comment.

Among its top priorities, FSCO pledges to:

  • promote a coordinated national approach to regulatory issues, including harmonization of Point of Sale Disclosure for mutual funds and segregated funds;
  • developing a harmonized framework for the collection and reporting of company complaint data; and
  • developing detailed standards for plan administration and basic entitlement components of a proposed Model Pension Law.

The Ontario regulator also seeks to enhance its risk-based approach to regulation by:

  • developing a risk-based approach to monitoring the investment of pension plan funds;
  • implementing risk-based market conduct assessments for property and casualty insurance companies, and life insurance companies; and
  • developing and implementing risk-based examination processes for pension plans, mortgage brokers and insurance companies.

Other priorities include:

  • reviewing amendments to the regulatory framework to keep up with changes in the marketplace;
  • addressing the contingent liabilities of the Pension Benefit Guarantee Fund to ensure its financial viability;
  • reviewing the Insurance Act to harmonize the re-insurance provisions of the Minimum Capital Test with other jurisdictions;
  • advising the Ministry of Finance in the review of the Mortgage Brokers Act;
  • planning and implementing a range of outreach activities to increase awareness of dispute resolution services in non-GTA areas; and
  • launching new FSCO website and a web-based electronic automobile insurance filing system.

The final statement of priorities for the coming fiscal year will be submitted to the Minister of Finance in June. In the meantime, it’s inviting comments, which are due by June 13.