The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on its proposed statement of priorities for fiscal 2022–23 and financial plan, the regulator said in a release on Thursday.
The proposed priorities outline cross-sector and sector-specific initiatives, with continued focus on improving regulatory efficiency and effectiveness, the release said. Updates include enhanced focus on public protections.
Within the life and health insurance sector, the regulator lists enhancing oversight of market conduct as a “high-impact” priority.
Among related deliverables are publishing a proposed framework and supervisory approach for managing general agencies, developing total cost reporting requirements for segregated funds, and building supervision capacity in insurance distribution, including agent supervision.
Within the financial planners and advisors space, a high-impact priority is operationalizing title protection for “financial planner” and “financial advisor.”
Related deliverables to that initiative include accepting applications from credentialing bodies and implementing a supervisory framework for those bodies, and executing a consumer education campaign.
The regulator’s proposed plan cost of about $109 million is 5.2% higher than in the previous fiscal year’s budget, the proposal said. Among the items with cost increases were new request investments of $3.8 million to close regulatory gaps and prepare for new regulatory activities.
Proposed total sector revenues showed a net increase of 6.7%, or $6.7 million, over the previous fiscal year’s budget revenue.
While most sectors will see increased fees, the financial planner/advisor sector will see the biggest decrease in fees, “moving from start up to sustain regulation,” the proposal said.
The consultation closes on Oct. 29, and feedback will be used alongside consultations with FSRA’s stakeholder committees and Consumer Advisory Panel.