Ontario to get Financial Accountability Officer

The Ontario government plans to hire a Financial Accountability Officer.

The FAO would be an independent officer of the Legislative Assembly, and Ontario is the first province to propose this particular oversight measure.

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If legislation is passed, the FAO will provide independent analysis to all MPPs about the state of the province’s finances. They will also advise on trends in the provincial and national economies.

Further, at the request of a legislative committee or an MPP, the officer could provide other types of research. For example, the FAO could also be asked to review and estimate the financial cost or benefit to the province of any proposal that relates to a matter over which the Legislature has jurisdiction, such as the establishment of a new program.

Increasing financial openness is part of the government’s plan to work collaboratively, attract investment, and create jobs.

Quick Facts

• The FAO would be selected by a panel consisting of one member from each recognized party, chaired by the speaker of the assembly who is a non-voting member.
• The FAO would produce an annual report on July 31 of each year.
• The establishment of a FAO builds on previous government actions to enhance accountability and transparency, such as the Fiscal Transparency and Accountability Act of 2004

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.