By James Langton
(October 19 – 10:55 ET) – The Financial Services Commission of Ontario has completed a comprehensive review of the mechanisms it uses to consult with its stakeholders. FSCO has published a paper describing how it plans to consult with consumer and industry in the future.
The purpose of the review was to ensure that FSCO has efficient and effective consultation mechanisms in place to ensure ongoing dialogue with its stakeholders. FSCO says this communication is key to the development of regulatory policies, practices and procedures as well as recommendations for changes to legislation or regulations.
FSCO says it is currently in the process of establishing several new committees and developing their terms of reference. The FSCO Consumer Advisory Committee will be one new committee to consolidate consultations with representatives of financial services consumers on anything relating to all the regulated sectors. This committee will be asked to undertake and provide input on consumer information initiatives.
It also plans to establish the FSCO Legal Advisory Committee to provide a legal perspective on FSCO policies and issues. Members of the committee will be lawyers whose practice is related legislation and regulations related to FSCO. Several other sector-specific new committees are proposed. In the near future, stakeholders will be contacted for nominations to enable us to form the new committees.