{"id":1304,"date":"2024-02-16T03:12:54","date_gmt":"2024-02-16T03:12:54","guid":{"rendered":"https:\/\/financeify.ca\/?p=1304"},"modified":"2024-02-16T03:12:54","modified_gmt":"2024-02-16T03:12:54","slug":"fsra-consults-on-proposed-priorities","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/02\/16\/fsra-consults-on-proposed-priorities\/","title":{"rendered":"FSRA consults on proposed priorities"},"content":{"rendered":"

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The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on this matter proposed statement of priorities for the 2022-2023 financial year and financial plan<\/a>\u2013 the regulator said in a statement on Thursday.<\/p>\n

The announcement said the proposed priorities include cross-sectoral and sector-specific initiatives, with a continued focus on improving regulatory efficiency and effectiveness. The updates include a greater focus on public protection.<\/p>\n

In the life and health insurance sector, the regulator considers strengthening supervision of market conduct to be a high-impact priority.<\/p>\n

Related deliverables include the publication of a proposed framework and supervisory approach for managing general agencies, the development of total cost reporting requirements for segregated funds, and capacity building for insurance distribution oversight, including agent oversight.<\/p>\n

In the financial planner and financial advisor space, a high-impact priority is operationalizing title protection for \u201cfinancial planner\u201d and \u201cfinancial advisor.\u201d<\/p>\n

Related deliverables from this initiative include receiving applications from accreditation bodies and implementing an oversight framework for these bodies, as well as implementing a consumer education campaign.<\/p>\n

The proposal said the regulator’s proposed plan cost of about $109 million was 5.2% higher than the previous fiscal year’s budget. Items where costs increased included $3.8 million in new on-demand investments to close regulatory gaps and prepare for new regulatory actions.<\/p>\n

Proposed total sector revenues showed a net increase of 6.7%, or $6.7 million, over the previous fiscal year’s fiscal year revenues.<\/p>\n

While most sectors will see an increase in fees, the financial planners\/advisors sector will see the greatest decline in fees “as we move from launch to maintenance of regulation,” the proposal says.<\/p>\n

The consultation will close on October 29 and the views will be used alongside consultations with FSRA’s stakeholder committees and the Consumer Advisory Panel.<\/p>\n

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The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on this matter proposed statement of priorities for the 2022-2023 financial year and financial plan\u2013 the regulator said in a statement on Thursday. The announcement said the proposed priorities include cross-sectoral and sector-specific initiatives, with a continued focus on improving regulatory efficiency and effectiveness. The […]<\/p>\n","protected":false},"author":1,"featured_media":1305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[206,332,623,79],"class_list":{"0":"post-1304","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-consults","9":"tag-fsra","10":"tag-priorities","11":"tag-proposed"},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t