The government of Ontario is launching a review of the mandates of two of its financial industry regulatory agencies — the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).
The government says it will be releasing a discussion paper and consulting with the sectors of the financial industry that are regulated by these two agencies. These include insurance, pension plans, and credit unions.
To guide the review, it has appointed a panel comprised of Larry Ritchie, former vice-chair of the Ontario Securities Commission (OSC) and partner with Osler, Hoskin & Harcourt LLP; George Cooke, former president and CEO of The Dominion of Canada General Insurance Company and current chair of OMERS Administration Corp.; and James Daw, former Toronto Star personal finance columnist.
The government expects the review to be completed by early next winter and says it will consider any necessary legislative changes based on the outcome of the review.
“Financial services is one of the fastest-growing sectors in our economy. These key organizations are our partners in consumer protection. Reviewing their mandates will ensure that we are doing our best to protect the interests of Ontarians while fostering a strong business environment,” said Charles Sousa, minister of finance. “I look forward to receiving the panel’s recommendations on how we can make this sector even stronger.”