The Financial Services Regulatory Authority of Ontario (FSRA) has announced that it is currently seeking public input on proposed guidance for public warning notices.
The move is focused on safeguarding consumers and promoting fair practices within the financial industry, according to FSRA. The public consultation will remain open until August 25, 2023.
Stakeholders, including consumers, industry professionals, and financial service providers, are encouraged to visit FSRA’s website to review the proposed guidance and participate in the feedback process.
The public warning notices aim to deter unlicensed activities, bolster consumer confidence, and bring attention to improper dealings involving regulated products and services. They also serve to caution the public against conducting business with unlicensed individuals or entities.
The proposed guidance document outlines the principles behind issuing public warning notices and the rationale for their use. By engaging in a public consultation process, FSRA said it aims to ensure transparency for both consumers and industry.
Additionally, FSRA said it wants to demonstrate the steps it has taken to verify the accuracy of information in the warning notices. The approach also seeks to establish safeguards for procedural fairness for the subjects of these warnings.
“FSRA is taking steps to better protect consumers by ensuring they have the information they need when dealing with financial services providers,” said Wendy Horrobin, head, licensing and risk assessment.
“We are consulting on proposed guidance for public warning notices. By issuing public warning notices we aim to curb consumer harm and deter those who want to carry out unlicensed activities.”
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