Misbehaving financial industry workers who face discipline from the Financial Services Regulatory Authority of Ontario (FSRA) will get more attention for their misdeeds under a new policy approach.
FSRA is stepping up public disclosure of its enforcement efforts in the insurance, pension and mortgage sectors.
Starting Tuesday, the regulator will be issuing news releases to highlight disciplinary activity including decisions, orders and settlements. It will also look to disclose its enforcement actions using plain language.
“This approach will allow FSRA to share information on a timely basis, deter non-compliance and protect those who are acting with integrity,” the regulator said in a release setting out its new public disclosure plans.
The policy was finalized following a public consultation, which didn’t result in any substantive changes, it said.