FSRA is seeking input on financial penalties for those who do not follow the rules or break the law Toronto, ON (Mar.27, 2023) – The Financial Services Regulatory Authority of Ontario (FSRA) is consulting on proposed Guidance designed to improve consumer protection by appropriately sanctioning persons and entities not in compliance with sector statutes, regulations and FSRA rules and requirements.As part of its enforcement mandate, FSRA has the power to impose Administrative Monetary Penalties (AMPs) to address non-compliance.

Recent legislative changes in some sectors have expanded FSRA’s authority to impose AMPs.The Guidance sets out when AMPs are imposed and how the amounts are determined.It also interprets the statutory requirements FSRA follows when imposing penalties.

“Consumer protection is our top priority and we are looking at ways to strengthen enforcement and deter misconduct and non-compliance,” said Elissa Sinha, Director, Litigation and Enforcement.“That’s why we are seeking public input on the monetary penalties FSRA is authorized to impose.We want the industry and consumers to have a say in how we deal with those who do not follow the rules or break the law.” By consulting publicly, FSRA is helping ensure transparency for consumers and industry.

This approach also supports fairness, consistency and improved decision-making in FSRA’s supervision activities.To review the proposed Guidance and submit your feedback, please visit FSRA’s website.The consultation period is now open and will close on May 31, 2023.

Learn more: Consultation on proposed guidance: Administrative Monetary Penalties FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.About FSRA FSRA is an independent regulatory agency created to improve consumer and pension plan beneficiary protections in Ontario.FSRA was established to replace the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO).

The agency is flexible, self-funded and designed to respond rapidly to an evolving commercial and consumer environment.In this capacity, FSRA will: Promote high standards of business conduct; Foster a sustainable, competitive financial services sector; Respond to market changes quickly; Promote good administration of insurance and pension plans; and Encourage innovation.Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.

Tags: Financial Services Regulatory Authority (FSRA), Ontario