Latest news with #FSRA
Cision Canada
6 days ago
- Business
- Cision Canada
Investing in consumers Français
FSRA grant funding applications for financial education and research now open TORONTO, June 26, 2025 /CNW/ - Ontario's financial services regulator, FSRA, is supporting financial literacy and better protecting consumers through its second annual proceeds from enforcement grant application program. "Now in our second year, the FSRA grant funding program will make bigger strides in helping consumers better understand the financial services they use each and every day," says Stuart Wilkinson, Chief Consumer Officer at FSRA. "If you have a good idea, whether that's an education initiative or research project, check out the program to see if you qualify." Not-for-profit organizations can now apply to access money FSRA collects through enforcement actions to fund educational initiatives and research. The proceeds from enforcement grant funding is also open to proposals from within FSRA. For details on this year's application process and to see if your idea may qualify, check out our page on grant funding. Applications close on September 26, 2025. More information on how we use the money we collect through enforcement actions can be found in our updated Use of Proceeds from Enforcement Guidance. FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Cision Canada
23-06-2025
- Business
- Cision Canada
FSRA imposes administrative penalty and licence conditions on Murteza Mohamedali Français
TORONTO, June 23, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty in the amount of $25,000 on Murteza Mohamedali (Mohamedali) and conditions on Mohamedali's life insurance and accident & sickness insurance agent licence. The Financial Services Tribunal found that Mohamedali contravened section 17(c) of Ontario Regulation 347/04 by repeatedly representing on life insurance applications to the insurer that the funds for the premiums came directly from his clients, which was false and misleading. FSRA issued this order as a result of a decision of the Financial Services Tribunal in Mohamedali v. Ontario (CEO of FSRA), 2025 ONFST 4. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Cision Canada
19-06-2025
- Business
- Cision Canada
FSRA imposes an administrative penalty and suspends the licence of Donald Newton Mason Français
TORONTO, June 19, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty of $5,000 on Donald Newton Mason (Mason) and suspended Mason's life insurance and accident & sickness insurance agent licence. Mason failed to provide requested information to FSRA, contrary to subsection 442.3(1) of the Insurance Act, R.S.O. 1990, C.I.8, as amended. Mason did not request a hearing before Financial Services Tribunal or contest FSRA's proposal. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Cision Canada
17-06-2025
- Automotive
- Cision Canada
FSRA's new Fraud Reporting Service Rule approved by the Minister of Finance Français
TORONTO, /CNW/ - Fraud drives up the cost of auto insurance for everyone operating a vehicle. That's why Ontario's financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its Fraud Reporting Service (FRS) Rule and Guidance. The Rule, which has now been approved by the Minister of Finance, applies to all automobile insurers in Ontario and will come into effect when the government proclaims the related changes to the Insurance Act into force. FSRA will work with the industry and the Ontario government to ensure auto insurers clearly understand the new expectations and are able to effectively implement the changes before the Rule and Guidance take effect. "This is an important step toward more effectively tracking and identifying auto insurance fraud" said Glen Padassery, Executive Vice President of Policy and Auto Insurance, FSRA. "Fraud drives up costs for drivers. By improving how fraud is tracked and reported, we're helping build accountability across the system to better protect consumers." Once effective, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to: Better determine the amount of auto insurance fraud in the province Identify and address fraud trends Establish a baseline to be able to track and reduce the amount of fraud in the future By identifying and addressing fraud, auto insurance rates could be reduced. FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected] SOURCE Financial Services Regulatory Authority of Ontario
Yahoo
17-06-2025
- Automotive
- Yahoo
FSRA's new Fraud Reporting Service Rule approved by the Minister of Finance
TORONTO, June 17, 2025 /CNW/ - Fraud drives up the cost of auto insurance for everyone operating a vehicle. That's why Ontario's financial services regulator (FSRA) is taking a critical step to help combat the effects of auto insurance fraud, with its Fraud Reporting Service (FRS) Rule and Guidance. The Rule, which has now been approved by the Minister of Finance, applies to all automobile insurers in Ontario and will come into effect when the government proclaims the related changes to the Insurance Act into force. FSRA will work with the industry and the Ontario government to ensure auto insurers clearly understand the new expectations and are able to effectively implement the changes before the Rule and Guidance take effect. "This is an important step toward more effectively tracking and identifying auto insurance fraud" said Glen Padassery, Executive Vice President of Policy and Auto Insurance, FSRA. "Fraud drives up costs for drivers. By improving how fraud is tracked and reported, we're helping build accountability across the system to better protect consumers." Once effective, the FRS Rule will require auto insurers to provide specific auto insurance fraud information to FSRA. These insights will help to: Better determine the amount of auto insurance fraud in the province Identify and address fraud trends Establish a baseline to be able to track and reduce the amount of fraud in the future By identifying and addressing fraud, auto insurance rates could be reduced. Learn More Fraud Reporting Service Rule Fraud Reporting Service Guidance Submission to the Minister Consultation on the Rule and Guidance Publication of Board Approved Rule FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone. Learn more at FOR MEDIA INQUIRIES: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia:
