Updated: December 2009

Improving Pension Regulatory Services

The Financial Services Commission of Ontario (FSCO) has identified a number of opportunities for enhancing its pension regulatory services, communications with pension stakeholders and broadening stakeholder engagement in pension initiatives and projects.

As a result FSCO staff met with pension stakeholders to exchange information on the following five initiatives being undertaken:

• The Stakeholder Engagement and Outreach Project – The goal of this initiative is to develop a framework for broader communication with pension stakeholders and stakeholder engagement in FSCO’s pension initiatives.
• The Pension System Enhancement and Development Project – The goal of this initiative is to make FSCO a more effective and efficient regulator with enhanced data capabilities.
• The Defined Benefit Application Processing Project – The goal of this initiative is to address current long standing defined benefit applications; review the processes by which FSCO reviews these applications with the intent of streamlining them; and to revise and publish performance measures.
• The Inquiries and Complaints Project – The goal of this initiative is to improve the tracking and reporting on complaints and inquiries.
• The Risk-Based Regulation Project – The goal of this initiative is to develop a more comprehensive approach to risk-based regulation.

FSCO will keep its stakeholders informed as these projects and initiatives progress.

Consultations with Pension Stakeholders

FSCO appreciates the valuable contributions of our stakeholders in the pension community.  Our policies and operational initiatives are enriched by their input, advice, ideas and suggestions.

FSCO is committed to expanding our consultation audience to reach all our stakeholders.

To meet these objectives, FSCO will be consulting with specialists in the pension community, as well as with the public, which would include pension plan members, on various initiatives that we will be undertaking in the administration of the Pension Benefits Act and the regulations. These specialists will include experts from FSCO’s professional advisory committees, pension associations and organizations, and groups and individuals who are vitally interested in the regulation and promotion of registered pension plans.

Consultation periods will typically range from 30 to 60 days, depending on the nature and complexity of the initiatives.  In order to ensure transparency and accountability, stakeholder submissions will be posted on FSCO’s website at the end of each consultation period.