Financial Services Regulatory Authority of Ontario

Ministry

Finance

URL

http://www.fsrao.ca/en/

Address

5160 Yonge Street, 14th Floor
TORONTO
M2N6L9

Phone

416-250-7250

Fax

(416) 327-2488

Background

Financial Services Regulatory Authority of Ontario Act, 2016, S.O. 2016, C.37, Sched. 8, S. 2 (opens a new window)

Financial Services Commission of Ontario Act, 1997, S.O. 1997, C. 28, S.2 (opens a new window)

Function

The Financial Services Regulatory Authority of Ontario (Authority) is a without share capital corporation and Crown agent established under the Act whose objects are to regulate the regulated sectors. Regulated sectors consist of all credit unions, caisses populaires and leagues to which the Credit Unions and Caisses Populaires Act, 1994 applies; all persons engaged in the business of insurance and governed by the Insurance Act; all holders of a service provider's licence issued under Part VI (Automobile Insurance) of the Insurance Act; all corporations registered or incorporated under the Loan and Trust Corporations Act; all mortgage brokerages, brokers, agents and administrators licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006; or all persons who establish or administer a pension plan within the meaning of the Pension Benefits Act and all employers or other persons on their behalf who are required to contribute to any such pension plan, and such other legislation as may be prescribed. The Authority’s objects also include carrying out powers or duties with respect to offering statements of co-operative corporations under the Co-operative Corporations Act, that are delegated or designated to the Authority by the Minister.  The Authority-related legislation gives various approval and licensing duties and powers to the Chief Executive Officer, an employee of the Authority appointed by the Authority.

Membership

The members of the Authority consist of the members of its board of directors. The board of directors consists of at least three and not more than eleven directors. The directors are appointed by the Lieutenant Governor in Council who also designates a director as chair of the board of directors, on the recommendation of the Minister.

Term

The chair holds office for the term specified by the Lieutenant Governor in Council which shall not exceed his or her term as a director.

Meetings

There shall be at least six meetings per year of the Board of Directors. The chair presides at all meetings but, if at any meeting the chair is absent, the vice-chair presides. However, if neither the chair nor vice-chair is present, the directors present choose one of the directors to preside and exercise the powers of the chair at that meeting. A majority of the members of the board of directors constitutes a quorum.

Remuneration

Appointees to the Board are remunerated on a per diem basis as follows: chair: $744; other appointees who are not the chair: $472

Appointments & Vacancies