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The government of Ontario has launched a new regulatory authority for the financial services sector – which includes the mortgage servicing industry.
The Financial Services Regulatory Authority (FSRA) will take the place of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) as an integrated, independent, and self-funded regulator for financial services and pensions. The FSRA officially started regulating financial services and pensions in Ontario on June 08.
The body will oversee Ontario's financial services providers, excluding securities, and will tackle key priorities that will reduce regulatory burden for regulated sectors.
"The Financial Services Regulatory Authority of Ontario is a modern and innovative regulator with rule-making authority that promotes strong financial services and pensions sectors while protecting the public interest," said Vic Fedeli, finance minister of Ontatio. "Its mandate is to be open — open to new ideas, open to business, and open to consumer needs. FSRA has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses."
