![]() The American dollar is strong, interest rates are low, incomes are rising, consumers are spending more and the United States budget deficit has shrunk to about one-third of what it was five years ago. (photo: CRELA organizing committee members Chad Gemmell, Amar Nijjar, and Mike Rupar presented Dr. employment growth is now twice what it is in Canada.” “For example, we are at record levels of employment. “The things that made Canada special are still in place,” Jestin told more than 60 lenders from insurance firms, banks, credit unions, and trust companies. Warren Jestin at the second business luncheon organized by the Commercial Real Estate Lenders Association (CRELA) at JLL’s downtown Toronto office on Jan. Those were the sentiments expressed by Scotiabank chief economist Dr. The Canadian economy may seem lacklustre when compared to the positive economic news coming from the United States, but in global terms, it’s still in decent shape. Emergence of shadow banking sector in Ontario and appropriateness of FSCO’s role in that The two areas of particular concern that were addressed with the panel are given below based on CRELLA member feedback were: The Commission is also responsible for the Financial Services Tribunal – a body that adjudicates cases involving compliance issues arising in the sectors regulated by FSCO. Lawrence Ritchie – Osler, Hoskin & Harcourt LLP partner and former vice-chair of the Ontario Securities Commission.įSCO has a wide range of responsibilities, and currently regulates the insurance sector pension plans loan and trust companies credit unions and caisses populaires the mortgage brokering sector co-operative corporations in Ontario and service providers who invoice auto insurers for statutory accident benefits claims. James Daw – former Toronto Star personal finance columnist who has written extensively about all facets of Ontario’s financial system ![]() George Cooke – former president and CEO of The Dominion of Canada General Insurance Company, and current chair of the board of directors of OMERS Administration Corp. The Minister of Finance has appointed a three-member Expert Advisory Panel (“Panel”) to consult relevant industry representatives, licensed market participants, and consumers and their advocates, and to make workable recommendations to the government by early next winter. The Government of Ontario has undertaken to review the role, structure, and efficacy of all its agencies, many of which have been assigned to protect the public and deliver programs and services.Īs part of this broad Mandate Review, the government announced a review of the mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST), and the Deposit Insurance Corporation of Ontario (DICO) – all agencies under the jurisdiction of the Ontario Minister of Finance. CRELA executive committee members attended and presented at the mortgage broker sector roundtable with the FSCO/FST/DICO Mandate Review Expert Advisory Panel. ![]()
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