FSRA consults on consumer warnings

The Financial Services Regulatory Authority of Ontario (FSRA) is proposing guidance on its approach to issuing public warning notices.

The regulator published a draft guidance for comment setting out its policy for issuing alerts that aim to warn the public about unlicensed and other improper activity in the sectors it regulates.

According to the draft guidance, these warnings are intended to help put a stop to ongoing consumer harm, to serve as a deterrent to misconduct, to protect licensed industry personnel, and to promote public confidence.

“Consumers benefit from early and clear notice where FSRA has identified unlicensed or unregistered conduct, or other improper dealings with FSRA-regulated products and services,” it said.

The consultation, which runs until Aug. 25, is intended to provide transparency to the industry and consumers on FSRA’s approach to issuing warnings.

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