The Financial Services Regulatory Authority (FSRA) is creating three technical advisory committees to provide advice and feedback on key matters related to the pension sector, the regulator said in a release on Friday.
The committees will form part of the FSRA’s stakeholder engagement process, helping to improve processes and approaches to regulation and reduce regulatory burden, the release said.
The committees will provide advice in the following areas:
- missing plan members under registered pension plans,
- the transfer of assets between pension plans, and
- the supervisory approach to Pension Benefits Guarantee Fund–eligible pension plans that carry a deficit and may be at risk of failure.
Committee members will participate in at least three to five meetings beginning later this summer, the release said. For information on the nomination process and criteria for each committee, visit the FSRA’s website.
This fall, the FSRA will also establish a committee to address the valuation and division of pension assets following the breakdown of a spousal relationship, the release said.
Effective June 8, the FSRA assumed the regulatory duties of the Financial Services Commission of Ontario and the Deposit Insurance Corporation of Ontario.