Former Ontario superintendent Bryan Davies is among the first directors appointed to the board of the province’s new Financial Services Regulatory Authority.
Mr. Davies will act as chair and is accompanied on the board by Kathryn Bouey and Judith Robertson. They will supervise the management of FSRA and oversee the transition from the current regulator, the Financial Services Commission of Ontario.
Scott Blodgett, senior media relations adviser at the Ministry of Finance, told Thompson’s that the government will continue to consult stakeholders and review the advice of the expert advisory panel that recommended the creation of FSRA.
“This work will inform the implementation of FSRA,” Mr. Blodgett said.
The expert panel included former Dominion of Canada ceo George Cooke, former personal finance columnist and consumer advocate James Daw and lawyer Lawrence Ritchie, a former vice-chair of the Ontario Securities Commission.
The panel offered 44 recommendations to improve the province’s regulator, chief among which was the creation of the new regulatory authority.
The Financial Services Regulatory Authority of Ontario Act received royal assent last December.
Mr. Davies has both private and public sector experience.
He was the founding deputy minister of Ontario’s former Ministry of Financial Institutions and served as the deputy treasurer and deputy minister of economics. After a stint in the private sector he rejoined the public sector, serving as ceo and superintendent of FSCO, then chair of the Canada Deposit Insurance Corp.
Mr. Davies also served as vice-chair of the Canadian Securities Transition Office.
Ms. Bouey is president of Toronto-based consulting firm TBG Strategic Services.
She also served in the public sector as deputy minister of Ontario’s Management Board Secretariat and is currently on the Canada Revenue Agency management board.
Ms. Bouey has experience in auto insurance initiatives, startups and pensions.
Ms. Robertson also brings public and private sector experience to the board.
She served as commissioner for the Ontario Securities Commission from 2011 to 2017, president and ceo of Belzberg Technologies, executive vp with Perimeter Financial Corp., ceo of Markets Inc. and managing director with Barclays Global Investors.
The government said it expects to introduce legislative amendments regarding FSRA’s mandate and governance structure, along with the structure and powers of the Financial Services Tribunal, by the end of 2017.