BRIDGEFORCE 2014 COMPLIANCE MEETING . FSCO Compliance March 2014. About FSCO. FSCO is a provincial body with regulatory jurisdiction in Ontario and is governed by the Financial Services Commission of Ontario Act, 1997.
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FSCO Compliance March 2014
a) Maintain the positive momentum in promoting appropriate harmonisation of the regulatory regimes and supervisory practices with respect to intermediaries across provinces;
b) Consider establishing proportionate expectation tailored for intermediaries, focusing on achieving fair treatment outcome for policyholders;
19. Conduct of Business (COB)
Strengthen the current COB regimes by:
a) Continuing the proactive initiatives by CCIR and JFFMR to enhance consistency of COB regulatory regimes across provinces;
b) Empowering FSCO to issue enforceable rules on product development and promotion as well as require insurers and intermediaries to conduct needs analysis before providing advice and meet policy servicing obligations;
21. Countering Fraud in Insurance
While their enforcement work has included action against intermediaries in relation to misrepresentation of insurance cover to a customer, consider the merits of setting out both AMF and FSCO expectations of intermediaries in the area of fraud controls more clearly.
22. Anti-Money Laundering and Combating the Financing of Terrorism
In relation to intermediaries, consider how best AMF and FSCO should set out their AML/CFT expectations in more detail, drawing on their supervisory work and experience.
1. Products are targeted and marketed to customer groups for which they are not suitable.
2. The customer does not understand the product being targeted at them.
3. The intermediary does not understand the product.
4. The company does not fully understand how the product will perform or is unable to monitor the risks to customers.
5. The company cannot fully support a product after it is launched (systems / volumes).
6. All financial services sector market participants will be affected by global regulatory reforms and market trends.