Issue No. 5, April 2014
FSCO will now begin accepting licence applications on June 1, 2014, and licences will be required as of December 1, 2014.
On April 2, 2014, the Financial Services Commission of Ontario (FSCO) announced that we would begin accepting service provider licence applications starting May 1, 2014, and licences would be required as of November 1, 2014.
FSCO's regulation of the billing practices of service providers is being introduced as a component of Ontario's Auto Insurance Cost and Rate Reduction Strategy . Ontario's Auto Insurance Cost and Rate Reduction Strategy is focused on ensuring a fair and affordable auto insurance system for Ontario drivers.
Take this extra time to learn more about FSCO's regulation of service providers and what you need to know before you apply for your service provider’s licence.
For more information about service provider licensing, make sure to:
- Visit our website regularly;
- Subscribe to our Service Providers eNewsletter; and
- Participate in an information session near you.
May 2, 2014 Information Session Rescheduled to May 30, 2014
Please Update Your Calendars!
FSCO's May 2, 2014 information session has been rescheduled and is now being held on May 30, 2014.
To better accommodate all those wishing to attend, we’ve moved the May 2, 2014 information session to May 30, 2014, at a larger, fully-accessible
venue – the Metro Toronto Convention Centre (MTCC) – where we can now accommodate an additional 200 guests.
At this information session, our staff will provide important information and address audience questions regarding:
- The service provider licensing framework
- The role of the principal representative
- Applying for a service provider licence
- Complying with the act: standards of practice
If you are not able to attend in-person, we strongly encourage you to participate via live-stream at http://www.vvcnetwork.ca/fsco/20140502/
. The live-stream will feature integrated American Sign Language (ASL). For those who are not able to participate on May 30, 2014, a full recording of the event will be made available after the event. Subscribe
to FSCO's Service Provider eNewsletter to
find out when the recording is available.
Stay Tuned: FSCO is Scheduling Additional Information Sessions
For those outside of the Greater Toronto Area hoping to participate, stay tuned for more information regarding additional regional information sessions we will be hosting this summer.
The government committed to take strong action to address fraud in the auto insurance sector by granting FSCO authority to license and oversee the business and billing practices of health clinics and practitioners who invoice auto insurers. The regulation
of service provider business and billing practices is designed to ensure that service providers have appropriate practices in place to bill insurers for legitimate services provided to people injured in a car accident.
For example, service provider practices should be designed to ensure that facilities are not: asking clients to sign blank forms; sending in duplicate treatment plans; billing for services not actually rendered; submitting inaccurate, false, misleading or deceptive information; or unnecessarily submitting frequent invoices. Service providers should also implement any other practices that management regards as sound business and billing practices.
For more detailed information on the business and billing practices, visit FSCO's FAQs.
Additional Information on Service Providers
- In our December 2013 Service Provider eNewsletter, we announced that we would soon begin licensing Ontario services providers and regulating their business and billing practices involving Statutory Accident Benefits claims. FSCO continues to issue this newsletter on a monthly basis.
- In our January 2014 eNewsletter, we issued information on how to prepare for service provider licensing requirements.
- In our February 2014 eNewsletter, we provided information on the Principal Representative, the person designated by the business to apply to FSCO for the license and the person accountable to FSCO once the licence is issued.
- In our March 2014 eNewsletter, we issued information on which businesses need to apply for a service provider licence.
- We have also published Frequently Asked Questions regarding service provider licensing on our website.
FSCO is a regulatory agency of the Ministry of Finance who regulates certain financial services sectors conducting business in Ontario.
FSCO is a new regulator for most of you. For more information on what we do, how we do it, and why we do it, visit our site to read the FSCO Regulatory Framework. The Framework summarizes what FSCO expects from the businesses and individuals that are licensed by FSCO; and what can be expected from FSCO in the regulatory process.
FSCO recognizes that there are a range of service providers from sole proprietors to larger multi-facility businesses, and we will oversee the sector accordingly. We hope that you find the information in the Regulatory Framework helpful as we further develop our relationship with service providers.