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The Future of Financial Regulation in Ontario


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Roundtable Luncheon with Phil Howell, Sheryl Kennedy and Andrew Poprawa
Thursday, January 26, 2017 - 12:00 to 13:30
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Toronto ON, C.D. Howe Institute, 67 Yonge Street, Suite 300
  • The Future of Financial Regulation in Ontario

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In Ontario’s fall economic update, Minister Sousa announced that the province would be creating a new Financial Services Regulatory Authority, bringing the operations of FSCO, DICO and the FST under one umbrella. Yet two months later, details on the new structure and how it will be set up remain scant. Join our expert panel to discuss the path for the new authority, and what they hope to see in the implementation plan.


Phil Howell, former CEO and Superintendent of Financial Services at the Financial Services Commission of Ontario

Philip Howell’s career has spanned over 40 years in both the public and private sectors. Most recently he was the CEO and Superintendent of Financial Services at the Financial Services Commission of Ontario prior to retiring from the Ontario Public Service at the end of 2014. Before his appointment to FSCO in 2009, Phil held senior leadership positions in the Ontario Public Service including Deputy Minister of Economic Development, Deputy Minister of Tourism, Associate Deputy Minister Finance, Assistant Deputy Minister Office of Economic Policy and Chief Economist for Ontario. Phil also provided strategic leadership and advice to the Ontario government in addressing several high profile industrial restructurings in the aerospace, steel and auto sectors. Earlier in his career, he worked at the Bank of Canada, the Conference Board of Canada, a major brokerage house and a major chartered bank. Over the past 15 years Phil also has served on more than a dozen boards of various public agencies and business enterprises, a research institute, a standards oversight council and a not for profit community social agency.

Trained as an economist, Phil holds an Honours BA from York University, an MSc from the London School of Economics and completed all but dissertation in doctoral studies at the University of Toronto. Currently residing in Toronto with his family, Phil maintains an active interest in macroeconomic policy issues, financial sector regulation, public finance, and governance and accountability challenges. Drawing on his experience and skills, Phil provides strategic advice to interested parties on these and other issues while pursuing his charitable interests.


Sheryl Kennedy, Chief Executive Officer, Promontory Financial Group

As CEO of Promontory Canada, an IBM Company, Sheryl advises clients on a wide range of public policy, business strategy, finance, restructuring, governance and regulatory compliance. She assists clients in assessing regulatory impacts, devising business strategies, and managing risk in order to be successful in a rapidly changing and complex competitive landscape. Sheryl joined Promontory after a 28-year career in federal public service and a period as a Senior Adviser for international strategy on executive interchange to Scotiabank in Toronto.

Sheryl served as Deputy Governor of the Bank of Canada from 1994-2008. She also chaired the Markets Committee at the Bank for International Settlements from 2003-2006. Prior to her service at the Bank of Canada, Sheryl worked for the Department of Finance of the government of Canada, as General Director of the Financial Sector Policy Branch, and as Director of the Economic Policy Branch. She was also Finance Counselor at the Canadian Embassy in Paris.

Sheryl is a Director of the Canadian Public Accountability Board which oversees public company audits and is a is a member of the Board of Trustees of the General Synod Pension Plan of the Anglican Church of Canada. Sheryl earned a M.P.A., from the Kennedy School of Government, Harvard University, a Bachelor of Environmental Studies, Urban and Regional Planning (with Honors) from the University of Waterloo and also studied finance and financial markets at the London School of Economics.


Andrew Poprawa, former President and Chief Executive Officer, Deposit Insurance Corporation of Ontario

Andy Poprawa is a former regulator with 35 years of experience in senior financial and leadership roles.  He currently serves as Chair of the Board of Directors of Educators Financial Group a mutual fund company, Chair of the Learning Matters Charity, Chair of the Governance Committee of the Canadian Scholarship Trust Foundation and as a director of several other corporate and not-for-profit organizations. 

He is senior strategic advisor to a number of clients including regulatory agencies and private corporations.  Andy is a Chartered Professional Accountant, Chartered Accountant and Certified Government Financial Manager. 

He served as President & CEO of the Deposit Insurance Corporation of Ontario from 1993 to 2016, as a senior regulator with the Office of the Superintendent of Financial Institutions for 10 years and as a Chief Financial Officer of an airline subsidiary.  Andy was co-founder and long-time Chair of the International Credit Union Regulators Network. He currently serves on the Ontario Chapter Executive of the Institute of Corporate Directors and has served as the Chair of the Governance Advisory Committee at the Conference Board of Canada.  In 2009, he earned his Chartered Director designation and was awarded the Gil Bennett Gold Standard Award by the Directors College.  Andy can be reached through LinkedIn.

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© 2018 C.D. Howe Institute. All Rights Reserved.