The Ontario Securities Commission (OSC) is asking for public comment on a proposal to license financial recovery firms that help people recover money that was stolen from their homes.
The proposal is aimed at helping people in crisis who cannot access financial services.
OSC Chairman John Ainslie said the proposed licensing would help those in crisis “move on from the past to the future.”
“The proposed financial recovery framework is aimed to help people in the recovery process move on from losing their money to getting on with their lives,” he said in a statement.
“It is our job to ensure that financial recovery can be done in a way that is both practical and effective.”
The OSC has been studying the proposed license for years.
The OSS has already issued licenses to financial recovery companies in the past, but those licenses expired in 2014.
The agency says the licensing proposals are designed to provide the needed flexibility to enable businesses to continue providing service in a timely and cost-effective manner.
“Financial recovery is a broad term encompassing a wide range of services that help the recovery of money from victims of crime,” OSS Commissioner Michael Regan said in the statement.
The proposed licensing will allow the OSS to continue offering financial recovery, including the provision of financial assistance to victims, as well as other related services, to help individuals and their families recover money from the stolen property.
“We will not restrict the number of financial recovery businesses to just one or two,” said Regan.
“The OSS would like to work with other entities in the industry to help with the development of licensing requirements and other regulations.”
The proposal would allow the services to be offered by licensed financial recovery entities, but the OSC says the OWS will be allowed to be a member of the industry.
Regan’s office said it expects to finalize the licensing requirements by the end of the month.