Joint Letter to Alberta Regarding a Single Financial Sector RegulatorRelease Date: 03/09/2018 Staff Reference: Erica M Hiemstra
March 9, 2018
Honourable Joe Ceci
President of the Treasury Board, Minister of Finance
323 Legislature Building
10800 - 97 Avenue
Edmonton, AB T5K 2B6
We are writing today representing regulated industries that would be impacted by the Government of Alberta’s transition to a Single Financial Sector Regulator. We recognize government’s goal of further diversifying Alberta’s economy and welcome growth in our respective sectors. We also welcome the concept of providing industry and consumers with a simpler, more efficient regulatory system. A single agency could allow the industry to be more agile in the face of evolving consumer expectations and technological change.
That said, we have concerns about the establishment of a Single Financial Sector Regulator, including clarity on its objectives, transparency in the framework development process, and the timing of both development and implementation.
We believe that meaningful results for industry and consumers will come from Alberta engaging in a transparent and comprehensive consultation process with stakeholders. This could include the formation of an expert panel representing the sectors involved to carry out a mandate review, conduct stakeholder consultations, and issue final recommendations, as has been done in a number of provinces (e.g. Ontario).
Notionally there are benefits to a single coordinated entity, including a streamlined process; however these benefits would be limited without meaningful consultation with the impacted stakeholders.
We look forward to an opportunity to discuss this in a meaningful way in the near future.
Cc: Lorna Rosen, Deputy Minister, Treasury Board & Finance
Nilam Jetha, Assistant Deputy Minister, Financial Sector Regulation and Policy