News & Updates
FSRA launches new webpage detailing the updated examination process for single and multi-employer pension plans
September 05, 2024
The Financial Services Regulatory Authority of Ontario (FSRA) has launched a new webpage detailing the updated examination process for Single and Multi-employer pension plans.
The process of examination is as follows:
- Plans for examination will be selected quarterly. A plan administrator will be notified of selection via phone call, during which they will be informed of the reason for the plan selection.
- The plan administrator will then be provided with a Preliminary Examination Tool. The plan administrator must submit the completed Preliminary Examination Tool with all required documents within 2-3 weeks.
- FSRA will then thoroughly examine the completed Preliminary Examination Tool and all supporting documents. FSRA may engage with the administrator periodically to seek any clarification, request additional documents, and inform the administrator of any findings.
- Once the examination is concluded, FSRA will provide the administrator with a draft version of the final report. A call with the administrator will be arranged to discuss the draft report.
- A final letter, sent after the call, will request a 60-day response with an action plan to address identified risks and non-compliance.
Under the new format, examinations are expected to be completed within four to eight weeks.
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