FSRA Statement of Business Continuity

TORONTO, March 16, 2020 /CNW/ - Ensuring the health and safety of our employees, as well as the employees, customers and members of our regulated entities, is our top priority.

FSRA continues to carry out its regulatory duties; however, we have activated our business continuity plan pandemic playbook and are monitoring the COVID-19 outbreak closely.   We are ensuring that all members of the FSRA team are aware of the most recent federal, provincial and local Public Health direction. We are committed to ensuring we have a safe workplace and safe public interactions.

Sector Business Continuity Plans

We are aware that many FSRA regulated entities have activated their business continuity plans in response to the outbreak.   Thank you to all who shared a summary of those plans with FSRA including steps taken to protect your ability to serve customers.  

Entities regulated by FSRA should self-assess what core functions should be prioritized during this period of disruption.  Your FSRA contact is available to respond to any questions, comments or concerns you may have on how to respond appropriately to these circumstances and should be informed if you experience, or expect to experience, disruption to any of your critical functionality. 

We will be making changes to how we engage with you. 

Though we are taking measures to respond to Covid-19 and these may reduce normal response times, we are continuing to operate, with emphasis on maintaining key functionality. 

While some FSRA employees have commenced working remotely, they continue to be available by email and phone and for conference calls and video conferences. 

Our FSRA call centre currently continues to operate but may be experiencing high volumes and reduced functionality – we ask for your patience and for our stakeholders to delay non-essential matters.  

We will no longer be having meetings with external stakeholders at our offices.  We have advised staff that all meetings with four or more people should be via phone or video conference.

The on-site component of all examinations not currently under way will be postponed until further notice, except in exceptional circumstances. If necessary, we will be developing supplemental procedures to compensate for the loss of the on-site component.

Public consultations are currently online and these will continue.  The timelines associated with such timelines may later be reviewed as required. 

FSRA is reviewing upcoming licensing, filing and other similar requirements across the regulated sectors as the Covid-19 disruption continues to evolve.  Regulated entities that anticipate being unable to fulfil these requirements on a timely basis due to Covid-19 should discuss their concerns with their FSRA contact at their earliest convenience.

Credit Union and Insurer Annual General Meetings (AGMs)

Certain credit unions and Ontario incorporated insurers are required to hold annual general meetings (AGMs) in the near future.  In person AGMs will result in large public meetings contrary to current public health advice.  These meetings are an important avenue for member/shareholder engagement and should be conducted virtually to respect this public health advice. 

We are providing a link to Information from FSRA to credit unions and Ontario-incorporated insurers. This provides Guidance about how such regulated entities should respect public health advice and use telephonic, digital or other electronic forms of meeting during the Covid-19 disruption.  Your FSRA contact is available to respond to any questions you have on this Guidance.

Keep informed

We commit to keeping you informed and we will issue ongoing communications as needed.  We will continue to provide you with updates via emails.  Also, please check our website (www.frsao.ca) for updates.

SOURCE Financial Services Regulatory Authority of Ontario