FSRA's Focus on Burden Reduction in Year 1 Yields Measurable Results
TORONTO, March 6, 2020 /CNW/ -Since its launch, the Financial Services Regulatory Authority of Ontario (FSRA) has taken significant steps towards regulatory transformation that will reduce regulatory burden and protect the public interest.
Progress achieved to date includes:
- Reviewing over 1,000 pieces of inherited regulatory guidance and maintaining only those that are relevant and necessary, resulting in a 51% overall reduction;
- Streamlining data collection and filings by eliminating requirements for unused/underutilized data and filings; and
- Developing a new service standard framework that will help ensure the consistent delivery of timely and predictable regulatory activities.
FSRA also introduced a new guidance framework to streamline processes and provide greater clarity on what is required of regulated entities. This framework reduces the types of guidance to four distinct categories, making it easier to conduct business. Remaining inherited guidance will, over time, be reviewed and updated within this framework.
"Our goal was to ensure we built a foundation for regulatory effectiveness and achieve a 25 per cent reduction of inherited guidance by fall 2020. With the help of our stakeholders, we have already well surpassed that target," said CEO Mark White. "This is just the start. We will continue to build a principles-based and outcomes-focused regulator and assist businesses in offering reliable and innovative financial products and services that meet the needs of Ontarians."
"FSRA plays an important role in building a stronger, more competitive business environment in Ontario," said Minister of Finance, Rod Phillips. "FSRA has made significant progress in modernizing financial services regulation and reducing regulatory burden, while being responsive to the needs of businesses and protecting consumers."
To view FSRA's full report, please visit https://www.fsrao.ca/about-fsra/corporate-reporting/burden-reduction.
Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) 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 of Ontario, T: 416-590-7536, E: [email protected]