What is the Financial Services Tribunal?
The Financial Services Tribunal (also known as the Tribunal or the FST) is an independent, decision-making body that hears appeals from decisions and reviews proposed decisions of the Superintendent of the Financial Services Commission of Ontario (FSCO). Proceedings before the Tribunal are conducted at the request of affected persons to whom the decisions or proposed decisions are directed. If you are an affected person and you do not agree with such a decision or proposed decision, you have the right to request that the Tribunal hear your case. The person making such a request becomes a party to the proceeding with full opportunity to participate in the Tribunal hearing.
Hon. G. Collins: The member will recall that as part of the core review process, the commercial appeals process was done away with — was eliminated. In its place, in order to try and deal with possible small to medium-sized conflicts that people perhaps don’t want to take to court, the government put in place the financial services tribunal to try and deal with those. It’s much smaller, much more focused. Government is putting that into place. It will be an avenue to which somebody could take a concern as prescribed under this section of the act and hopefully have it resolved to their satisfaction. It’s just a cheaper way, rather than going to court, of resolving a dispute. R. Sultan: I take it from the minister’s reply that the financial services tribunal exists today and is operational. Hon. G. Collins: That legislation setting up that tribunal…. That tribunal we anticipate being set up in the early summer — hopefully June. We’re working towards it. It’s in place. It deals with provi
