The government of Ontario has formed a single regulatory entity for financial services and pensions, which integrates two bodies.

The new Financial Services Regulatory Authority (FSRA) combines the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario.

FSRA will be a self-funded and independent watchdog.

The new body will have oversight of credit unions and caisses populaires, mortgage brokers, pension plans, loan and trust corporations, as well as insurance providers.

It will also supervise service providers who “invoice auto insurers for statutory accident benefit claims”.

The new regulatory body will focus on fulfilling the government’s priorities such as offering title protection for financial planners and advisers.

FSRA will not regulate securities, which will remain under the supervision of the Ontario Securities Commission.

Ontario finance minister Vic Fedeli said: “The Financial Services Regulatory Authority (FSRA) of Ontario is a modern and innovative regulator with rule-making authority that promotes strong financial services and pensions sectors while protecting the public interest.

“Its mandate is to be open —open to new ideas, open to business, and open to consumer needs.

“FSRA has the flexibility to cut red tape, bring products to market quicker and be more responsive to the needs of businesses.”