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In 2014, the Auditor General conducted a value for money audit of the Financial Services Commission of Ontario’s (FSCO) oversight of defined benefit pension plans and financial services. FSCO is responsible in Ontario for regulating pension plans; the insurance industry; the mortgage brokerage industry; credit unions; and co-operative corporations.
The Auditor General found significant issues with FSCO and its mandate. Namely:
The 2014 Auditor General report led the Ministry of Finance to review in early 2015 the mandates of FSCO, the Financial Services Tribunal (FST), and the Deposit Insurance Corporation of Ontario (DICO) and major reforms by FSCO.