The Financial Services Commission of Ontario has published its statement of priorities for the coming year, indicating that it has adopted three new strategic priorities.

FSCO reports that during the last year it “undertook a comprehensive review of its mandate and vision statements as part of its planning process.” Following the review, FSCO staff developed a new mandate and vision, as well as identified three new strategic priorities: conducting its activities in accordance with risk-based principles, continuously improving the delivery of its services, and fostering a coordinated national approach to regulatory issues.

The new priorities are included in the draft statement of priorities, which identifies key challenges facing FSCO, outlines proposed strategic priorities, highlights initiatives and notes recent progress on significant projects. For example, in the year ahead it expects to implement harmonized point of sale disclosure for segregated funds and mutual funds.

The regulator notes that, along with its routine responsibilities, it has directed some of its resources to address issues raised by the current economy. “For example, solvency monitoring of regulated financial institutions and pension plans has been increased. In addition, the market practices of insurance companies are being monitored to ensure that companies maintain consumer protection standards,” it says. FSCO says that while the plan outlines its priorities and initiatives for the next year, economic conditions may cause it to revisit these plans.

Comments are due by May 28, and the statement is to be finalized by June 30.

IE