AMP Update—New Administrative Penalties Guideline in Ontario
You may have received a notice from the Financial Services Commission of Ontario (FSCO) about their new Administrative Penalties Guideline and the monetary penalties which became effective January 1, 2018. These new penalties are for contraventions under the Pension Benefits Act of Ontario and its regulations.
Administrative Penalties Guideline: https://www.fsco.gov.on.ca/en/pensions/administrators/Pages/amp.aspx.
What does this mean to you?
Compliance responsibilities related to your pension plan(s) have not changed. The guidelines simply expand FSCO’s enforcement options for non-compliance. Non-compliance that may trigger a penalty could be brought to FSCO’s attention through a complaint, or by an annual, or targeted, plan review. Identified issues would be investigated prior to penalties being imposed.
Reach out to your pension consultant if you have any questions about your current compliance responsibilities or concerns about this new guideline.