Financial Services Regulator Inviting Feedback from Industry and Consumers
TORONTO, April 3, 2018 /CNW/ - The Financial Services Commission of Ontario (FSCO) is inviting feedback on its proposed Treating Financial Services Consumers Fairly Guideline.
FSCO is committed to protecting consumers in the sectors it regulates. In today's complex and inter-connected financial services marketplace, the fair treatment of consumers is fundamental to the strength and stability of the marketplace.
Treating consumers fairly means putting the interests of consumers first. It means taking the time to understand their needs and ensure they understand their rights and responsibilities, so they can make the most informed financial decisions possible.
FSCO already expects that its licensees are treating consumers fairly, and looks for this during compliance examinations. However, treating consumers fairly is not just about the law. It is about an ethical way of conducting business that places the consumer at the centre of all business decisions.
FSCO is developing a Treating Financial Services Consumers Fairly Guideline to ensure a common understanding about what it means to treat consumers fairly throughout a financial product's life cycle. The guideline aligns with international standards and with similar national supervisory efforts.
FSCO encourages all interested parties to read the guideline and submit written comments to [email protected] no later than May 8, 2018.
- FSCO's Treating Financial Services Consumers Fairly Guideline applies to the following FSCO-regulated sectors: insurance, credit union/caisse populaire, loan and trust, and mortgage brokering.
- FSCO intends to release its final Treating Financial Services Consumers Fairly Guideline later this year.
"The financial services sector touches the lives of all Ontarians. FSCO already expects that its licensees are treating consumers fairly; in fact, some are doing great work in this regard. This guideline provides a common understanding about what it means to treat consumers fairly throughout a financial product's life cycle. That's good for consumers and good for business."
- Anatol Monid, Executive Director, Licensing and Market Conduct Division, FSCO
FSCO's legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
SOURCE Financial Services Commission of Ontario
For further information: For media enquiries only, please contact: Malon Edwards, Financial Services Commission of Ontario, Telephone: 416-590-7536, Toll free: 1-800-668-0128, ext. 7795, Email: [email protected]