Other issues

We received feedback identifying several issues that could not be addressed within the scope of the Red Tape Challenge’s mandate to improve redundant, outdated or unnecessarily costly provincial regulations. For example, there were requests to eliminate the minimum wage, stop licensing mortgage brokers, and change the rules around banking and registered retirement savings plans, which are federally regulated.

While there are no plans to take specific actions in response to these comments, we will continue to foster relationships with industry stakeholders and all levels of government in an effort to reduce the burden for Ontario businesses.

Next steps

The overall success of the Red Tape Challenge will be determined by outcomes — the meaningful regulatory and procedural changes made, and the cost and time savings achieved, because of feedback received through this online consultation process.

Regulatory modernization is an ongoing process and we know that there is much work left to do.

Financial services is the third of seven sectors targeted under the Red Tape Challenge. The feedback from each sector — auto parts manufacturing, food processing, financial services, mining, chemical manufacturing, forestry and tourism — will be combined into a government-wide plan to address red tape identified through each round of the challenge. By 2018, we will have seven separate, sector-specific plans committing the government to reducing red tape in Ontario.

Through the Red Tape Challenge and other initiatives, we will continue to make government rules easier for businesses to follow while protecting workers, consumers and the environment.

The challenge is a key part of our Business Growth Initiative and demonstrates our commitment to reducing the cost of doing business in this province and building a more innovative, dynamic environment where businesses can thrive.