Lawrence E. Ritchie
May 30, 2016
In a recent article in Canadian Underwriter, journalist Jason Constant reports on a discussion at the Canadian Insurance Financial Forum (CIFF) which featured the members of the Expert Advisory Panel responsible for reviewing and recommending changes to the Financial Services Commission of Ontario (FSCO). Larry Ritchie, a partner in Osler's Litigation and Dispute Resolution group, is on the Panel and participated in the discussion about the group’s preliminary paper submitted to the Ontario government titled Rethinking FSCO’s Mandate.
According to Larry, “the core of the preliminary recommendations is rather than tinker with the existing system, we recommended the creation of a new agency called the Financial Services Regulatory Authority, which would have a modified twin peaks approach to regulation. It would have its own corporate identity, it would be more operationally distinct from government, self-funded in the sense that it would raise money from the industry and be accountable for that as its budget, [and] it would be governed by an expert board of directors.”
He further explained that the Panel’s goal is to “position Ontario to be at least keeping pace with, but in some areas where it’s good for innovation and consumer protection, to be ahead of” current trends. “And you can’t do it when you have a dispersed regulatory approach.” That said, he emphasized that the approach would not be one-size-fits-all.
To learn more about the panel discussion at the CIFF, read Jason Constant’s full article Single regulatory approach not the same as one-size-fits-all, CIFF speaker emphasizes at Canadian Underwriter.