In December 2021 the Office of the Auditor General of Ontario (AG) released a pretty scathing report about OMVIC, prepared further to its completion of a value-for-money audit.
A scathing report is never a good thing – it is obviously bad for OMVIC – but it is also potentially bad for the industry as a whole. Coming down hard on a regulator of an industry can have a negative impact by implying that the industry is out of control and needs much greater oversight. The AG’s report may also result in the pendulum swinging too far and lead to more OMVIC investigations, more enforcement, more scrutiny and overall less flexibility by OMVIC when it comes to resolving issues between it and registrants or potential registrants.
Republished with permission from the Summer 2022 issue of The Ontario Dealer magazine.