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

​APPOINTMENT AND ACCOUNTABILITY

A Vice-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.  A Vice-Chair of the FSCO is also a Vice-Chair of the Financial Services Tribunal (FST) and performs both roles on a part-time basis.
 
A Vice-Chair, FSCO, as a member of the Financial Services Commission (the Commission) is accountable to the Minister of Finance related to participation in the oversight role for the performance of FSCO.
 
In the role of Vice-Chair of the Tribunal, a Vice-Chair is accountable to support the Chair, FST in the oversight role for the performance of the FST related to its mandate to carry out adjudicative functions regarding appeals or reviews of the decisions and proposed decisions of the Superintendent of Financial Services or the Deposit Insurance Corporation of Ontario.
 
In both roles, a Vice-Chair is accountable to carry out authorities and responsibilities as assigned 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 the Superintendent of Financial Services.
 

PURPOSE

To act as a member of the Commission and the FST, and to chair meetings of the Commission and/or FST in the absence of the Chair. To participate in the provision of strategic leadership and direction for the performance of FSCO. To participate in setting FST goals, and in designing/establishing FST adjudicative processes and performance review/reporting measures.
 

KEY DUTIES

Leadership and Agency Governance

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

 
  • Participate as a member of the Commission composed of the Chair, two Vice-Chairs, the Superintendent of Financial Services, and the Director of Arbitrations.
  • In the absence of the Chair, is responsible to chair meetings of the Commission, and to carry out duties delegated by the Chair.
  • As a member of the Commission, participates in the setting of FSCO strategic goals, reviews and approves FSCO’s annual statement of priorities, business plans, annual report and financial reports, monitors 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)

A Vice-Chair, FST participates as a member of the FST composed of the Chair, two Vice-Chairs, and between six and twelve Members.

 

A Vice-Chair, FST carries 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.

 

In addition, a Vice-Chair carries out the following Leadership & Agency Governance responsibilities:

 

  • In the absence of the Chair, is responsible to chair meetings of the FST, and to carry out duties delegated by the Chair.
  • Act as an additional key point of contact to appointees in the Chair’s absence and perform the responsibilities of the Chair when the Chair is not available, including assigning cases, ensuring adjudicative quality, and providing general guidance to FST members and staff.
  • Provide an additional oversight role and collaborate with the Chair to develop and implement FST policies, procedures, processes and practices that support the FST operations to enhance effectiveness and efficiency.
  • Lead or participate in special projects, initiatives, and sub-committees, as assigned by the Chair, such as the development/implementation of new or revised practices.
  • Take on cases or assignments that may have a higher profile, are more complex and may involve multiple parties or stakeholders. 
  • Prepare and issue case decisions/orders.
  • Mentor new appointees and provide oversight and advice to ensure quality and clarity of FST decisions.
  • Maintain current knowledge in the field of financial services regulation relevant to the FST’s areas of responsibilities and participate in professional development opportunities.
  • Act with integrity and honesty, and ensure that actions are guided by the best interests of the FST’s mandate and the public. 
  • Perform other responsibilities as agreed with, or as delegated by the Chair.
  • To participate in determining the nature of the FST’s scheduling and case management systems, and the FST’s requirements for professional and support services.

QUALIFICATIONS

The Vice-Chair 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.
  • Knowledge of the legislation/regulations/statutes administered by FSCO, and related laws and legal processes.
  • Leadership role and knowledge of the financial service sectors regulated by FSCO, and expertise in one or more of the regulated sectors.
  • Leadership skills to participate with the Chair in the oversight of FSCO/FST mandate, to exercise responsibilities of the Chair in the absence of the Chair, and to lead special projects, initiatives and sub-committees.
  • Knowledge of  adjudication practices, settlement, mediation skills and  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 communicate with FST Members, FSCO senior management, stakeholders and the public.
  • Excellent 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.
  • 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’s Values.
  • Knowledge of and commitment to sound governance practices. 
  • Leadership ability to oversee the implementation of a strategic vision by ensuring appropriate plans are put into operation to deliver efficient, effective and high quality services
  • In-depth understanding of the professional, institutional, policy and community context in which the agency operates.

January 20, 2011