Financial Services Commission of Ontario Launches Consumers' Committee

(TORONTO) July 6, 2001 - As consumers become more sophisticated and their choices of financial services products grows, so has the need for their input into the regulation of financial services providers.

In order to avail itself of this expertise, the Financial Services Commission of Ontario (FSCO) today announced the formation of the Consumer Advisory Committee. The mandate of the committee is to provide advice from the consumer's perspective on matters that affect FSCO's regulated sectors.

Superintendent of Financial Services Dina Palozzi is excited about the calibre of the members appointed to the committee. "They will bring a very strong consumer voice to the table. FSCO looks forward to the perspective and advice they will bring."

FSCO Insurance Ombudsman and Committee Chair Ann Bythell noted that "providing a central forum for consumer input will make for a much fairer regulatory environment."

As well as offering advice to the Superintendent of Financial Services on matters of interest to consumers, the group will also provide a consumer's perspective on consultation documents and may undertake specific initiatives designed to assist consumers when they are purchasing financial services products.

The committee is composed of representatives from the Consumers' Association of Canada, the Consumers Council of Canada and Canada's Association for the Fifty-Plus, and three other public representatives.

Biographies of the committee members are attached.

For more information contact:
Brian Donlevy, Information Officer
(416) 590-7057