The Ontario government is launching a review of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) to determine what legislative changes it should consider.
On March 3, Ontario Minister of Finance Charles Sousa announced the plan to review the two regulators’ mandates. The process will include "broad consultations" with the insurance sector, pension plans and credit unions. The province also intends to post a consultation paper online and invite comments from the public.
To assist in the review, Ontario has created an expert panel and appointed:
- George Cooke - former president and CEO of The Dominion of Canada General Insurance Company, and current chair of the board of directors of OMERS Administration Corp.
- James Daw - former Toronto Star personal finance columnist who has written extensively about all facets of Ontario's financial system.
- Larry Ritchie - a partner with Osler, Hoskin & Harcourt and former vice-chair of the Ontario Securities Commission.
"Financial services is one of the fastest-growing sectors in our economy. These key organizations are our partners in consumer protection," comments Minister Sousa. "Reviewing their mandates will ensure that we are doing our best to protect the interests of Ontarians while fostering a strong business environment. I look forward to receiving the panel’s recommendations on how we can make this sector even stronger."