Ontario’s new Financial Services Regulatory Authority (FSRA) announced April 10 the appointment of Mark White as FSRA’s inaugural Chief Executive Officer. The appointment is effective May 7, 2018.
FSRA is a new, independent regulatory agency. When operational, it will regulate the following sectors: property and casualty insurance, life and health insurance, credit unions and caisses populaires, loan and trust companies, mortgage brokers, health service providers (related to auto insurance), and pension plan administrators.
Currently with BMO
White is a seasoned leader in the regulatory and financial sectors. He is currently Senior Vice-President & Head Enterprise Risk at the Bank of Montreal. He also led BMO’s Capital Adequacy & Analysis and Capital Management functions. Before joining BMO, White was Assistant Superintendent and Head of Regulation Sector, and part of the executive leadership team, at Canada’s bank and insurance regulator, the Office of the Superintendent of Financial Institutions (OSFI). He also previously held the position of Managing Director and Global Head of the Strategic Transactions at RBC Capital Markets.
FSRA is expected to become fully operational by April 2019. Currently it is working to establish its organization and develop a transition plan to assume regulatory functions now under the auspices of other Ontario agencies, including the Financial Services Commission of Ontario (FSCO).
A modern regulatory framework
“A modern regulatory framework is essential to maintaining a robust financial services sector in Canada. It will allow Ontario to remain competitive and attract investment from all over the world,” stated Charles Sousa, Ontario Minister of Finance, in an announcement about White’s appointment. “Mark’s experience and leadership will ensure FSRA provides the strong consumer and investor protection people expect and deserve during a time of innovation and rapid change."