FSRA makes leadership change

The FSRA makes changes as part of its strategy to forge a strong path as an effective regulator

FSRA makes leadership change
Andrew Fung, FSRA Acting Executive Vice-president, Pensions and Lucie Tedesco, FSRA Board Member and McCarthy T├ętrault LLP strategic adviser and counsel

The Financial Services Regulatory Authority (FSRA) of Ontario, has made some leadership changes as part of its organizational development and commitment to its plans and strategies to “forge a strong path as an effective regulator.”

With these changes, Andrew Fung is acting executive vice-president, pensions, and Lucie Tedesco has been appointed to the FSRA Board of Directors for a two-year term.

“We have full confidence in the abilities of Andrew to lead and drive FSRA's objectives forward during the current transitional period,” says the organization. “Our commitment to our operational priorities for the 2023-2024 year remains. We are committed to maintaining the highest standards of regulatory oversight and fostering a stable financial services environment for stakeholders, consumers, and pension beneficiaries.”

Fung, who takes over for Caroline Blouin (former EVP of Pensions), has over 35 years of experience in the pension industry. He is a senior pension leader, strategist, and trusted advisor. He has held partnership and senior consulting and business development roles with some of the largest global human resources consulting firms.

Fung joined the Financial Services Commission of Ontario (FSCO) as its chief actuary (pensions) in 2018 and transitioned to FSRA in 2019 as head of relationship management and prudential supervision.

Tedesco has four years of experience in financial sector policy and regulation, governance, risk management, law, strategy and operations, and consumer protection. She is a former commissioner and deputy commissioner of the Financial Consumer Agency of Canada and, until September 2023, is a strategic adviser and counsel at McCarthy Tétrault LLP in the Banking and Financial Services Regulatory Group.

The FSRA recently held a consultation to get stakeholder feedback to learn about their experiences, ideas, concerns, and expectations of FSRA.

“Engaging with our industry stakeholders, consumers (including pension plan beneficiaries and credit union members), and other stakeholders is an important part of the regulatory process,” says FSRA in a statement. “We are committed to seeking feedback and incorporating that feedback into all aspects of our work. A high-level summary of the 2023 survey results will be posted to the FSRA website in the fall.” The organization says it continues to work on behalf of all stakeholders to ensure financial safety, fairness, and choice for everyone.