Canada: New Ontario financial services regulator should have anti-fraud authority
21 Jun 2016

The Ontario government should establish a new organization that would perform the functions currently performed by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) but also have a “specific fraud-deterrence mandate,” an expert advisory panel said in a report released Monday.

FSCO regulates auto insurance rates in Ontario. FSCO also operates a dispute resolution system to mediate and arbitrate auto insurance disputes, but that centre is no longer accepting applications because its functions are being transferred to Ministry of the Attorney General’s Licence Appeal Tribunal.

“A new Financial Services Regulatory Authority (FSRA) should be established, and it should exercise both prudential and market conduct functions in a coordinated but distinct fashion,” an Ontario government-appointed panel said in the Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario.

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