FSCO seeks feedback on draft of priorities for 2014

The Financial Services Commission of Ontario has released its draft priorities for the year and is accepting feedback from interested stakeholders.

 The final outline of its priorities is due to the Minister of Finance by June 30 each year.

This year’s priorities focus in part of licensing of service providers (such as health rehabilitation clinics), and FSCO will be introducing a “licensing regime to reduce fraudulent billing practices in the sector.”

On Tuesday, FSCO confirmed that it will be accepting licence applications from service providers that invoice auto insurers starting May 1 and that licences will be required as of Nov. 1 this year.

It will also continue working out a minor injury treatment protocol, according to the draft. “The protocol will inform the Superintendent when developing a revised Minor Injury Guideline,” it says.

“The revised Minor Injury Guideline will be consistent with current and scientifically proven treatment for common injuries resulting from motor vehicle accidents. This will reduce disputes about benefits, and improve care provided to claimants.”

The regulator will also be continuing its current three-year review of the auto insurance system in Ontario.

In addition, FSCO said it would work with the Ministry of Finance to implement proposed changes to the dispute resolution system.

A final review of the system recommended moving administration of mediation and arbitration out of FSCO, and legislation introduced earlier this month by the government would make that happen if it’s passed.

In terms of data, FSCO said that this year it will also examine “factors contributing to cost changes in third-party liability bodily injury,” and release a final report in 2014.

FSCO also said it would continue engaging with consumers via social media and other educational initiatives related to fraud awareness.

Interested parties can view the draft statement of priorities on FSCO’s website and submit feedback by May 30.