The Financial Services Regulatory Authority of Ontario (FSRA) has announced that CEO Mark White will step down effective July 16, 2024.
White has been confirmed as the chair of the Ontario Energy Board, following a nomination by Minister of Energy Todd Smith on May 3 and confirmation by the Standing Committee on Government Agencies on May 30.
Stephen Power, the executive vice president of corporate services at FSRA, will assume the role of interim CEO. Power, a CPA, previously served as senior vice president and head of enterprise risk at BMO and held roles at OSFI, RBC Capital Markets and Ernst & Young.
According to a news release, Power will manage the organization while an open and competitive search for a permanent successor is conducted.
White has served as FSRA’s first CEO since May 2018. During his tenure, he oversaw the implementation of Ontario’s title protection framework, which established minimum proficiency standards for financial advisors and planners for the first time. This framework, however, faced criticism for its multiple-credential approach and product focus.
In addition to the announcement of White’s appointment, Joanne De Laurentiis, chair of the FSRA Board of Directors, has had her term extended for one year to ensure continuity during the transition period. The Board and executive team affirmed commitment to maintaining FSRA’s momentum and ensuring uninterrupted operations.
“Stephen will be supported by a strong executive team with a depth of industry and leadership experience as well as a staff with immense strength and expertise,” said De Laurentiis.
De Laurentiis congratulated White on his appointment and thanked him for his leadership. She noted White’s vision, integrity, and determination to be instrumental in leading FSRA from its launch in 2019 to its current status as a regulator that continually delivers on its mandate with a principles-based and outcomes-focused approach.
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