Updated: July 2015 (final report)
As a result of discussions with stakeholders in the pension community and the recommendations in the 2008 final report of the Ontario Expert Commission, the Financial Services Commission of Ontario (FSCO) made a commitment to improve its pension regulatory services.
In 2009, FSCO established a framework to carry out this commitment through a multi-year initiative called 'Improving Pension Regulatory Services Project' (IPRS). Since then, FSCO has been reporting on the progress of each initiative in the IPRS report annually.
The IPRS includes the following initiatives:
- Stakeholder Engagement and Outreach Project
- Defined Benefit Application Processing Project
- Inquiries and Complaints Project
- Pension System Enhancement and Development Project
- Risk-Based Regulation Project
By 2011, the Stakeholder Engagement, Defined Benefit Application Processing and Service Target and the Inquiries and Complaints projects were integrated into FSCO’s standard regulatory and operating procedures.
The framework for the Risk-based Regulation (RBR) project was developed in 2011. Since then, FSCO has conducted three pilot projects for the RBR framework, which were successfully concluded in 2013 and 2014. FSCO has moved to full implementation of the RBR framework by adopting processes and measures to solidify FSCO’s risk-based approach to the regulation of pension plans.
In 2013, the System Enhancement and Development Project (SEDP) was re-aligned with FSCO’s Enterprise Development Program (EDP), a single, web-based information management platform that will be used across all sectors regulated by FSCO. FSCO anticipates rolling out the EDP over the next several years beginning in 2016.
With the four initiatives now complete and fully integrated into FSCO’s standard regulatory and operating procedures as mentioned above, the 2014 IPRS report will be the final one. The ongoing progress of the EDP which encompasses the SEDP will be reported in FSCO’s Annual Report beginning next year.
Consultation documents, updates, stakeholder submissions and related materials are available at FSCO's Stakeholder Consultations.
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