Demand for a Public Inquiry into the Financial Services Commission of Ontario (FSCO)
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FSCO is an agency of the Ministry of Finance, established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act). FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the regulated sectors.
The Financial Services Commission of Ontario has been the provincial regulator over the mortgage & insurance industry as well as pensions in Ontario. In various areas of their mandate, they have had serious failures. The Ontario government has been aware of their many issues and after years of inadequacies, have finally acted by replacing FSCO, but this has done nothing to help the tens of thousands of Ontarians that have been negatively impacted by their failures that have resulted in the potential loss of hundreds of millions of dollars.
There seems to have been a systemic problem within their mandate and many people supposed to be protected by them have been left at risk. There has been significant harm to the public due to the inaction and certain actions of FSCO. Many Ontario residents may not be aware of the damage caused and may not even know if they have been impacted. The financial security of Ontario residents has been placed at risk.
A Public Inquiry is needed to have an independent and impartial investigation into the inadequacies that have caused harm to the public. This process will allow all the information to be made available as part of the inquiry. The results of a Public Inquiry may help impacted individuals receive compensation.
Every Ontario resident should support this petition to protect the financial security of all. Financial Regulators and the Provincial government have a duty to protect it’s residents and when they fail to protect Ontarians and place people at risk, they have to be held accountable.
*Change.org automatically sets a goal and adjusts it as it is reached. We are aiming for as many residents of Ontario to sign as possible so please do not pay attention to the number presented as the goal.
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Public Inquiries Act
Some Observations about Public Inquiries
Evidence of Known Issues
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