Ontario financial watchdog launches search for new leader
The Financial Services Regulatory Authority of Ontario (FSRA) is undergoing a leadership change.
The financial regulator has announced that Mark White (pictured), CEO since the organization's launch in 2019, has been appointed chair of the Ontario Energy Board and will step down on July 16. His nomination was announced by the Minister of Energy on May 3rd and confirmed by the Standing Committee on Government Agencies on May 30th.
Stephen Power, currently the executive vice president of corporate services at FSRA, will take over as interim CEO. Power oversees finance, risk management, human resources, information technology, facilities planning, and project management. He will lead the organization while an open and competitive search for a permanent successor is conducted.
To ensure continuity during this transition period, FSRA has extended the term of Joanne De Laurentiis, chair of the FSRA Board of Directors, for another year.
“The board and the executive team are committed to maintaining FSRA’s momentum and ensuring that operations continue to move forward uninterrupted,” the watchdog wrote in its media release.
De Laurentiis congratulated White on his new appointment and thanked him for his contributions to FSRA since its launch in 2019, praising his "vision, integrity, and determination" in leading the organization to its current status as a principles-based and outcomes-focused regulator.
“Stephen will be supported by a strong executive team with a depth of industry and leadership experience as well as a staff with immense strength and expertise,” De Laurentiis added.
Last month, FSRA issued new broker guidance to promote mortgage suitability, clarifying the responsibilities of mortgage professionals in understanding client needs and recommending suitable mortgage options and investments.
"For most people, getting a mortgage is the biggest financial decision they will make in their lifetime, and we want to ensure their mortgage professional is giving them the best advice possible," said Huston Loke, executive vice president of market conduct at FSRA. "Our final guidance sets out our expectations so that a consumer's needs and circumstances are well understood before a mortgage option is recommended to them."
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
