meta_id 3016768

On March 30, 2026, the Financial Services Regulatory Authority of Ontario (FSRA) released its first Enforcement Annual Report, detailing enforcement activity across the 2024/25 fiscal year. According to the FRSA press release announcing the report, the enforcement actions help to strengthen consumer and pension plan member protection, promote high standards of business conduct and deter fraud. FSRA enforcement activity increased significantly in both volume and impact during the reporting period. The authority initiated 100 enforcement actions, compared to 65 in the previous year. Administrative monetary penalties nearly doubled in volume over two fiscal years, with FSRA imposing $1.2m in penalties. The authority also issued orders to revoke and refuse 25 licenses in the mortgage and insurance sectors. According to the report, over the past fiscal year, FSRA made important progress in shaping how the law is applied in the sectors it oversees, with several key decisions clarifying FSRA’s authority and setting important examples for the future. These outcomes confirmed FSRA’s ability to act against unlicensed activity, fraudulent behaviours, and improper supervision by mortgage brokerages and principal brokers. According to the FSRA's Director of Litigation and Enforcement, the authority has made considerable progress towards achieving enforcement that is both fair and proportionate. FSRA attributes the growth in enforcement activity to a stronger supervisory framework and expanded legal powers. The report demonstrates FSRA's commitment to protecting consumers and pension plan members while maintaining effective practices across Ontario's financial services sector.