Taking Steps to Improve Consumer Protection: FSRA finalizes guidance on financial penalties for those who do not follow the rules or break the law

TORONTO, March 11, 2024 /CNW/ - Ontario's financial services regulator (FSRA) is releasing final guidance to ensure its use of general Administrative Monetary Penalties is measured, proportionate and protects Ontario consumers.

The guidance explains how FSRA interprets and applies the law when general Administrative Monetary Penalties are imposed and how the appropriate penalty amounts are determined.

"Consumer protection is at the heart of everything we do at FSRA," said Elissa Sinha, Director, Litigation and Enforcement.

"Financial penalties are a key tool to deter and address non-compliance with the laws we administer. This guidance will help our sectors and the public  understand when and how general Administrative Monetary Penalties are imposed and promote conduct that is in the public's best interest."

These enforcement actions are taken on a case-by-case basis and support FSRA's commitment to transparency, fairness, and consistency.

We thank everyone for your valuable input during the public consultation. FSRA has now clarified the guidance to focus on general Administrative Monetary Penalties aimed at more severe contraventions.

Next, FSRA plans to release separate guidance to address Summary Administrative Monetary Penalties, which deal with technical and less severe contraventions.

• Enforcement: General Administrative Monetary Penalties Guidance
• FSRA's responses to the March 2023 public consultation comments

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. 

Learn more at www.fsrao.ca

For media inquiries:

Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]

SOURCE Financial Services Regulatory Authority of Ontario