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DICO going the way of the Dodo bird
April 11, 2019
2:24 pm
Doug
British Columbia, Canada
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In his Budget 2019, Ontario Minister of Finance Vic Fedeli today announced that, likely expected on or before the end of June 2019, the Ontario government will amalgamate the Deposit Insurance Corporation of Ontario ("DICO") and the provincial financial services regulator (the Financial Services Commission of Ontario, or FSCO) under a combined entity the Financial Services Regulatory Authority ("FSRA"). No mention of any changes to deposit insurance, but presumably, FSRA would assume the deposit insurance assets and liabilities of the soon-to-be former DICO.

Also announced are as yet unspecified amendments to the provincial legislation governing credit unions and caisses populaires that will allow them to streamline their operations, "reduce red tape," and expand their businesses beyond provincial borders.

http://budget.ontario.ca/pdf/2.....get-en.pdf

Cheers,
Doug

April 11, 2019
5:57 pm
Loonie
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Thanks for posting, Doug. I would have missed that.

April 18, 2019
11:54 am
NorthernRaven
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For anyone interested, here's the 2016 "Review of the Mandates of the Financial Services Commission of Ontario, Financial Services Tribunal, and the Deposit Insurance Corporation of Ontario", which is what drove the Ontario changes.

The recommendation was that DICO's regulatory functions would be transferred to the new FSRA, while the remaining deposit guarantee functions would remain in an operationally separate DICO (although they might share a board of directors). It sounds like the remaining DICO bits may instead become some sort of division of the FSRA, but it isn't clear.

April 18, 2019
1:24 pm
Loonie
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I could be wrong, but by excising the insurance function from the new organization, it seems to me that the Ontario govt is actually being very careful not to take financial responsibility for it.

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