An expert panel is proposing sweeping changes that would boost consumer protection for borrowers, investors and retirees in Ontario amid rapid changes in the financial services industry. The key recommendation is the creation of a super agency that would be more powerful, more flexible and more accountable than the three existing agencies responsible for regulating auto insurance, pension plans, mortgage brokers, loan and trust companies and credit unions.
Compensation fund for victims of fraud
The panel is also calling for the creation of an “Office of the Consumer” and a compensation fund for investors who are victims of fraud. Currently, Quebec is the only province that compensates victims of investment fraud.
Read the full article at The Toronto Star.