CHAIR, Financial Services Commission of Ontario (FSCO), and the Financial Services Tribunal (FST)

​APPOINTMENT AND ACCOUNTABILITY

The Chair, Financial Services Commission of Ontario (FSCO) is appointed by the Lieutenant Governor in Council under provisions in the Financial Services Commission of Ontario Act, 1997.  The Chair of the FSCO is also the Chair of the Financial Services Tribunal (FST) and performs both roles on a part-time basis.

 

The Chair, FSCO is accountable to the Minister of Finance related to the oversight role for the performance of FSCO, jointly with the CEO/Superintendent, FSCO.

 

In the role of Chair of the FST, the Chair is accountable for the performance of the FST related to its mandate as an independent quasi-judicial agency to carry out adjudicative functions regarding appeals or reviews of the decisions or proposed decisions of the Superintendent of Financial Services or the Deposit Insurance Corporation of Ontario.

 

In both roles, the Chair is accountable to carry out authorities and responsibilities as assigned to the Chair by Management Board of Cabinet directives, the Financial Services Commission of Ontario Act, 1997 and related statutes/regulations, and the Memorandum of Understanding between the Minister of Finance and Chair, FSCO and Chair, FST and CEO, FSCO and Superintendent of Financial Services (MOU).

 

PURPOSE

To chair the FSCO and the FST.  To provide overall strategic leadership and direction, jointly with the CEO/Superintendent of FSCO, for the performance of FSCO. To provide overall strategic leadership/direction and operational oversight for the FST to ensure that the FST operates in keeping with its mandate as defined by legislation and within approved governance and accountability requirements of the government.

 

KEY DUTIES

Law and Procedure

A. Re: The Financial Services Commission of Ontario (FSCO)

 

  • Oversee the operation of the Commission composed of the Chair, two Vice-Chairs, the Superintendent of Financial Services, and the Director of Arbitrations. Ensure that the Commission meets not less than three times each year, and preside over meetings of the Commission.
  • Oversee and ensure that the Commission adopts procedures to govern the calling and conduct of meetings that are consistent with statutory requirements and good governance practices.
  • Lead the process jointly with the CEO/Superintendent, FSCO to set the FSCO strategic goals, review and approve FSCO’s annual statement of priorities, business plans, annual report and financial reports, and monitor the performance of FSCO to ensure the provision of high quality service to the public in carrying out the FSCO mandate/responsibilities.

B. Re: The Financial Services Tribunal (FST)

 

  • Lead the operation of the FST composed of the Chair, Two Vice-Chairs, and between six and twelve Members. Direct the affairs of the FST so as to fulfill its mandate as defined by the Act and related statutes.
  • Carry out all responsibilities of the Member, FST as outlined in the Position Description for Member, FST, in the broad areas of law and procedure and integrity and fair practices.
  • Lead the process to set the goals, objectives, strategic directions for the FST. Lead the design and establishment of the FST adjudicative process and case assignment/management processes, and assign members of the FST to panels to hear matters referred to the FST.  Provide oversight to FST rules of practice and procedure, policies and procedures that ensure efficiency, quality and timeliness in the resolution of disputes and rendering of decisions, and establish a risk management framework and mitigating strategy to provide a level of assurance that service delivery objectives are met. 
  • Ensure that FST prepares and makes available to the public the rules governing the practice and procedures of proceedings before the FST.
  • Preside over meetings of the FST to discuss emerging issues, build support for policy and process change, engage in professional sharing and development, and promote clarity and predictability in the exercise of independent decision-making.
  • Provide oversight, or chair or participate on tribunal panels/hearings, including panels/hearings that are complex or high profile, which involve new or novel considerations of law, multiple parties or stakeholders, or that have significant public interest. Issue case decisions/orders and prepare tribunal decision reports.
  • Appoint hearing panels having regard to required expertise in FSCO’s regulated sectors and FST rules and practices.   
  • Review, summarize and index FST decisions and review Registrar’s summary of pension cases for publication on the FST website.

Strategic Leadership

A. Re: The Financial Services Commission of Ontario (FSCO)

 

  • Keep the Minister informed of issues/events that may concern the Minister in the exercise of the Minister’s responsibilities, jointly with the CEO/Superintendent, FSCO.
  • Maintain open, effective and regular communication with the CEO/Superintendent and FSCO senior management, communicating decisions of the FST that have implications for regulatory policies and procedures and provide FSCO with such information, assistance and advice as FSCO requires to meet its responsibilities under the Act, related statutes and the MOU.
  • Carry out effective public communication and relations for FSCO and consult as appropriate with stakeholders on the FSCO goals, objectives and strategic directions.

B. Re: The Financial Services Tribunal (FST)

 

  • Provide leadership and a framework for orientation, training and guidance to FST Members in consultation with the Vice-Chairs, encourage professional development and evaluate appointees’ services/decisions in a manner consistent with best practices for Ontario’s adjudicative agencies.
  • Represent the FST and be the key liaison/spokesperson in dealings with the government, the public and sector stakeholders to maintain constructive relationships with each group. Ensure independence of adjudicative functions by setting standards of interaction with the government, public and sector stakeholders.
  • Ensure that FST strategic plans and ongoing operations are fiscally prudent, reflect the FST mandate, and take into account protection of the public interest, risk identification and mitigation, and opportunities to implement needed change. Respond to changes in demand for services, public expectations, legislative or regulatory change and government directives.
  • Remain current in developments in administrative law and related matters in Ontario, Canada and other jurisdictions, act with integrity and honesty, and ensure that actions are guided by the best interests of the FST’s mandate and the public.

Agency Governance

A. Re: The Financial Services Commission of Ontario (FSCO)

  • Participate in the preparation and execution of the MOU, and jointly with the CEO/Superintendent, ensure that FSCO complies with the MOU.
  • Upon the request of the Minister, prepare material, attend or make presentations before Cabinet, the Legislature or committees of either, on matters affecting FSCO.
  • Ensure, jointly with the CEO/Superintendent, that the Minister of Finance is provided with an annual report for FSCO to bring forward for approval and tabling before the Legislature.
  • Provide input to government policy development and recommend legislative changes to the government when appropriate and warranted.
  • Cooperate with any periodic review of FSCO as directed by the Minister or Treasury Board/Management Board of Cabinet.

B. Re: The Financial Services Tribunal (FST)

 

  • Establish and monitor controls to ensure that the FST has sound governance practices. Lead the establishment of FST policy and procedures within the legal, political and economic framework of the government.
  • Notify the Minister of current and upcoming Vice-Chair and Member appointment vacancies, and make appointment or re-appointment recommendations pursuant to Management Board of Cabinet processes. 
  • Ensure FST appointees are aware of their obligations and that they act in compliance with government’s rules. Ensure the establishment and implementation of a process for disclosure of conflict of interest and  wrongdoing  in keeping with the requirements set out in the Public Service of Ontario Act, 2006 (PSOA). Is the Ethics Executive for FST appointees under the (PSOA) for conflicts of interest and disclosure of any wrong-doing. Document any declared or apparent conflicts of interest of the Chair, Vice-Chairs or FST Members and advise the Conflict of Interest Commissioner of conflicts in an expeditious manner. 
  • Oversee the development, monitoring and reporting of the FST annual budget, and ensure the establishment of effective systems for the retention of formal FST documents with public availability as appropriate. 
  • Ensure the establishment and implementation of a process to respond to and resolve complaints from the public and FST stakeholders.
  • Establish FST performance measures/targets, monitor the FST performance, and address any performance issues. Direct corrective action on the function or operations of the FST, if needed.
  • Review and approve claims for per diems and expenses of FST members. 
  • Consult, as appropriate, with stakeholders on the FST’s goals, objectives and strategic directions. 
  • Prepare agendas for quarterly FST member meetings.

QUALIFICATIONS

The Chair, FSCO/FST will typically have all the qualifications of a Member, FST, plus the following:

 

  • Knowledge of administrative law, civil litigation, statutory interpretation, and the administrative justice system.
  • Membership in good standing with the Law Society of Upper Canada or equivalent authority.
  • Experienced leader with the ability to set strategic direction; articulate and work towards a vision, and oversee the implementation of plans and strategies to deliver efficient, effective and high quality FST services.
  • Comprehensive knowledge of the legislation/regulations/statutes administered by FSCO, and related laws and legal processes.
  • Leadership role and an in-depth knowledge of the financial services sectors regulated by FSCO, and the professional, institutional, policy and community context in which FSCO operates.
  • Knowledge of the continuum of dispute resolution practices, and superior knowledge of adjudication practices, decision making, settlement, mediation skills,  analytical and decision making skills to chair tribunal panels, make effective decisions, and resolve complex matters involving multiple interests, under public scrutiny.
  • Effective communication, interpersonal and presentation skills to positively influence and communicate with FST Members, FSCO senior management, stakeholders and the public, and to make presentations to the Minister and the Legislature or committees, as required.
  • Excellent legal analytical and written communication skills to understand the content of cases and prepare written decisions. 
  • Understanding of government values and a commitment to work within the government/FSCO accountability structure.
  • Understanding of sound financial and operational business processes and practices.
  • Commitment to the protection of the public interest within the mandate of FSCO and the FST.
  • Commitment to respect diversity and to maintain fair, transparent processes that meet the highest professional standards of the government/FSCO Values.
  • Knowledge of and commitment to sound governance practices.

January 20, 2011