The Financial Services Regulatory Authority of Ontario (FSRA) published the results of its latest cross-sectoral consumer survey and announced the completion of two consumer protection initiatives, including the release of its Vulnerability Framework and the completion of a review of its Fair Treatment of Customers in Insurance Guidance. FSRA said the survey findings will inform its regulatory and supervisory efforts across the financial services sectors it regulates. The consumer survey is conducted every two years to identify challenges and issues consumers face when interacting with regulated sectors. The Vulnerability Framework was developed after considering feedback from a 2024 consultation and sets out FSRA’s definition of vulnerable consumers along with actions FSRA plans to take, including increased outreach to representatives of vulnerable communities and expanded consumer education on rights and protections. Following its review of the Fair Treatment of Customers in Insurance Guidance, FSRA said it will continue to use the approach in supervising the conduct of insurers and other regulated entities.
Financial Services Regulatory Authority of Ontario 2025-04-23
Financial Services Regulatory Authority of Ontario publishes consumer survey results and issues Vulnerability Framework
The Financial Services Regulatory Authority of Ontario (FSRA) released results from its consumer survey and completed two initiatives: the Vulnerability Framework and a review of Fair Treatment of Customers in Insurance Guidance. The survey findings will guide FSRA's regulatory efforts. The Vulnerability Framework defines vulnerable consumers and planned actions, while the insurance guidance review supports supervision of insurers' conduct.