Effective June 8, 2019, the Financial Services Regulatory Authority of Ontario (FSRA) assumed the regulatory duties of the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO). FSRA's website can be accessed at www.fsrao.ca.
Following June 8th, the Chief Executive Officer of FSRA will assume all of the existing regulatory and enforcement responsibilities of the Superintendent of Financial Services under the new FSRA Act and will, through the legislation and Ministerial orders, automatically replace the Superintendent as a party to all proceedings before the Financial Services Tribunal (Tribunal).
The Tribunal is actively reviewing all of its forms, guidelines, rules, policies, FAQs etc., with a view to making the changes necessary to reflect the foregoing and until such changes are made, these documents should be read to give effect to these changes as the context requires in the circumstances.
The Financial Services Tribunal is an independent, adjudicative body composed of at least nine members, including the Chair and two Vice-Chairs. The Tribunal has exclusive jurisdiction to exercise the powers conferred under the Financial Services Tribunal Act, 2017 and other Acts that confer powers on or assign duties to the Tribunal. It also has exclusive jurisdiction to determine all questions of fact or law that arise in any proceeding before it. As well, the Tribunal has authority to make rules for the practice and procedure to be observed in a proceeding before it and to order a party to a proceeding before it to pay the costs of another party or the Tribunal's costs of the proceeding.