Stephen Power will become interim CEO of the Financial Services Regulatory Authority of Ontario (FSRA) after Mark White steps down on July 16.
White was tapped to take over as chair of the Ontario Energy Board in May. The appointment was approved on May 30.
Power, FSRA’s executive vice-president of corporate services, will serve as interim CEO while FSRA searches for White’s permanent successor. Power is a CPA and has been with FSRA since October 2018. Prior to that, he was a partner with Ernst & Young.
White has served as FSRA’s first CEO since May 2018. He presided over the implementation of Ontario’s title protection framework, which established a minimum standard of proficiency for financial advisors and planners for the first time. However, the framework has come under criticism for its multiple-credential approach and, for advisors, its product focus.
Joanne De Laurentiis, chair of FSRA’s board, had her term extended for an additional year last week. The extension was done in part to provide continuity to FSRA during the CEO transition, the regulator said in a release.
De Laurentiis congratulated White on his appointment and thanked him for “his vision, integrity, and determination in leading FSRA.”