TORONTO, Sept. 27, 2019 /CNW/ - The Financial Services Regulatory Authority (FSRA) is creating six Stakeholder Advisory Committees (SACs) this fall, to serve as consultative bodies to FSRA's Board of Directors. Today, we are launching the application process for these committees.
FSRA is committed to an open, transparent and collaborative approach that involves stakeholders and ensures broad input and perspectives as we work to deliver on our mandate under the Financial Services Regulatory Authority of Ontario Act, 2016. The SACs will play an important role in fulfilling this commitment.
The SACs will build upon the success of the pre-launch Industry Advisory Groups (IAGs) and consumer roundtable that informed our 2019 launch. They will also build upon input from our May 2019 stakeholder survey. Our stakeholders highlighted the importance of having regular consultations and recommended that these consultations be separated by sector. Our stakeholders also noted the importance of FSRA reporting on the outcomes of committee sessions and on how feedback is considered.
SACs will be established in the following sectors:
- Property and Casualty (P&C) Insurance
- Life and Health Insurance
- Mortgage Brokering
- Health Service Providers
- Credit Unions
To learn more about the mandate and selection criteria, please review the Terms of Reference for each committee, which can be found at https://www.fsrao.ca/engagement-and-consultations#sacs.
The deadline for application is October 25, 2019. We encourage you to learn more about the initiative and the application process at https://www.fsrao.ca/engagement-and-consultations#sacs.
Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) has assumed the regulatory duties of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario. Learn more about FSRA and our approach to achieving safety, fairness and choice in non-securities financial services at www.fsrao.ca.
SOURCE Financial Services Regulatory Authority of Ontario
For further information: For Media Inquiries: Malon Edwards, Senior Communications Officer, Issues and Media, Financial Services Regulatory Authority, T: 416-590-7536 | C: 647-296-5479