The Financial Services Regulatory Authority of Ontario (FSRA) has published for a 90-day comment period, ending March 8, 2024, its proposed approach to strengthen the protection of vulnerable consumers in its regulated sectors (the Proposed Approach).
The Proposed Approach is based on research undertaken by FSRA that shows vulnerable groups tend to be at greater risk of being susceptible to harms such as fraud. Consequently, these vulnerable groups less trusting, less satisfied, and less confident and experience poorer outcomes. They may also experience more issues getting products or services in certain sectors.
The Proposed Approach will:
- Promote inclusive and fair treatment of vulnerable consumers and preventing targeted financial mistreatment; and,
- Improve consumer education, engagement, and awareness building efforts.
FSRA invites interested stakeholders to submit feedback until the March 8 deadline.
The proposed approach to strengthen the protection of vulnerable consumers in its regulated sectors is available for download from the website of the Financial Services Regulatory Authority of Ontario.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.