Ontario's FSRA finalizes penalty guidance, focusing on transparency and consumer protection
Ontario's Financial Services Regulatory Authority (FSRA) has finalized guidance on imposing financial penalties to enhance consumer protection.
This move aims to ensure that the use of Administrative Monetary Penalties is measured, proportionate, and effectively safeguards consumers in Ontario.
The newly released guidance outlines FSRA's approach to interpreting and applying laws regarding these penalties. It also details the method for determining the amounts of penalties, ensuring clarity and fairness in their enforcement.
Elissa Sinha, director of litigation and enforcement at FSRA, emphasized the centrality of consumer protection in their operations. “Consumer protection is at the heart of everything we do at FSRA,” she stated.
The guidance serves as a crucial instrument to deter and rectify non-compliance with laws, helping the industry and the public understand the conditions under which penalties are imposed. It aims to encourage behavior that aligns with the public interest.
FSRA's enforcement actions are assessed individually, reflecting its dedication to transparency, fairness, and consistency. The authority expressed gratitude for the feedback received during the public consultation period, which contributed to refining the guidance.
The focus now is on general Administrative Monetary Penalties for serious infractions.
Looking ahead, FSRA intends to issue separate guidance for Summary Administrative Monetary Penalties. This forthcoming guidance will address technical and minor violations, further contributing to the regulatory framework's comprehensiveness and effectiveness in protecting consumers.
