Regulator streamlines organizational structure

Quebec’s financial services regulator has announced strategic adjustments aimed at streamlining its organizational structure.

“The main adjustments put forward will allow the organization to focus on its clientele and the quality of services provided to them,” the Autorité des marchés financiers (AMF) says in a Mar. 18 press release. “They will also increase the attention and place given to its financial education mandate.”

The following changes will become effective Mar. 29.

The unit responsible for activities related to alternative insurance distribution practices will be integrated into the team of Patrick Déry, superintendent of financial institutions.

Déry has held his role since February 2013, and his division is responsible for policies applicable to all financial institutions required to hold an authorization from the AMF to carry on business in Quebec, and for supervision of those institutions.

Strategy and risk-related activities, coordination of the Office of the President and CEO and internal communications will be led by Marie-Pier Langelier, current executive director of the Office of the President and CEO, who will become vice president, strategy and risks.

Activities related to financial education and client services, currently under a superintendent of client services and distribution oversight, will be grouped under the leadership of Kim Lachapelle.

Lachapelle has been appointed superintendent of client services and financial education.

Activities related to oversight of financial products and services distribution will be placed under the leadership of Hugo Lacroix. His title will be adjusted accordingly to superintendent of securities markets and distribution.

AMF regulates the following sectors: insurance, deposit institutions, securities and derivatives, distribution of financial products and services, mortgage brokering and credit assessment.

Its insurance regulation includes auto, home, life, insurance sold by lenders and merchants, legal, group, disability, long-term care, critical illness, travel and pet insurance, according to AMF’s website.

Since 2016, the regulator has undertaken various initiatives related to the digital transformation of the financial sector to, in particular, anticipate regulatory- and consumer-protection issues.

This February, it published a discussion paper related to best practices for the responsible use of artificial intelligence in the financial sector. The paper outlined 30 best practices related to consumer protection, transparency for consumers and the public, the appropriateness of AI systems, AI design and use oversight, and management of AI-associated risks.

In 2021, AMF looked at how self-driving vehicles will change the auto liability landscape across Canada and raise data privacy concerns.

 

Feature image by iStock.com/Jerome Maurice